14(1)The amendments made by paragraphs 8 and 9 have effect in relation to losses made in the tax year 2014-15 and subsequent tax years.U.K.
(2)Sub-paragraphs (3) and (4) apply for the purposes of section 116A or 127C of ITA 2007 if a loss made by an individual as a partner in a firm arises in a period of account (“the straddling period”) which begins before 6 April 2014 but ends on or after that date.
(3)The loss is to be apportioned between the part of the straddling period falling before 6 April 2014 and the part falling on or after that date—
(a)on a time basis according to the respective lengths of those parts of the straddling period, or
(b)if that method produces a result that is unjust or unreasonable, on a just and reasonable basis.
(4)Section 116A or 127C of ITA 2007 does not apply in relation to the loss so far as it is apportioned to the part of the straddling period falling before 6 April 2014.