SCHEDULES
SCHEDULE 2Temporary extension of periods to which trade losses may be carried back
PART 1Income tax
Further provision about relief under paragraph 1 or 2
3
1
The following sections of ITA 2007 apply in relation to relief under paragraph 1 or 2 as they apply in relation to relief under section 64 of that Act—
a
sections 66 to 70 (restrictions on relief under section 64),
b
sections 74ZA to 74D (general restrictions on relief),
c
section 74E (no relief where cash basis used to calculate losses),
d
sections 75 to 79 (restrictions on relief under section 64 and early trade losses relief in relation to capital allowances), and
e
section 80 (restrictions on those reliefs in relation to ring fence income).
2
Paragraphs 1 and 2 apply to professions and vocations as they apply to trades.
3
Paragraphs 1 and 2 are subject to paragraph 2 of Schedule 1B to TMA 1970 (claims to loss relief involving 2 or more years).
4
Sections 61 to 63 of ITA 2007 (meaning of “making a loss in a tax year” etc and prohibition against double counting) have effect as if paragraphs 1 and 2 were included in Chapter 2 of Part 4 of that Act.
5
The reference in paragraph 3(1) of Schedule 2 to the Social Security Contributions and Benefits Act 1992 and Social Security Contributions and Benefits (Northern Ireland) Act 1992 (levy of Class 4 contributions with income tax) to section 64 of ITA 2007 includes paragraphs 1 and 2.