335ACarry forward of CITR

1

This section applies if—

a

the investor is entitled to a tax reduction for a relevant tax year under section 335 in respect of the investment, but

b

the amount of the tax reduction is not fully deducted at Step 6 for that relevant tax year.

2

The amount (“the excess amount”) not deducted is treated as follows.

3

For each subsequent relevant tax year for which the investor—

a

is entitled to a tax reduction under section 335 in respect of the investment, and

b

makes a claim under this subsection,

the investor is also entitled to a tax reduction under this subsection which is given effect at Step 6.

4

The amount of the tax reduction under subsection (3) for any relevant tax year is the excess amount so far as it has not been deducted at Step 6 for any earlier relevant tax year by virtue of that subsection.

5

In this section “Step 6” means Step 6 of the calculation in section 23.