(1)This section applies for the purpose of determining an individual's entitlement to sideways relief and capital gains relief if—
(a)the individual carries on a trade as a member of an LLP at a time during a tax year (“the current tax year”), and
(b)as a result of section 107, sideways relief or capital gains relief has not been given to the individual for amounts of loss made in the trade in previous tax years as a member of the LLP.
(2)So far as they are not excluded by subsection (3), the amounts of loss mentioned in subsection (1)(b) are treated as having been made in the current tax year.
(3)An amount of loss is excluded so far as—
(a)as a result of this section, sideways relief or capital gains relief has been given to the individual for the amount for years prior to the current tax year or would have been so given had a claim been made, or
(b)other than as a result of this section, relief under the Income Tax Acts has been given to the individual for the amount for years prior to the current tax year or for the current tax year.