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128Definitions for purposes of section 127

(1)    This section applies for the purposes of section 127(5).

(2)    The individual's “claimed licence-related loss” for a qualifying year is so much of the loss (if any) sustained by him in the trade in that year as derives from expenditure incurred in the trade in exploiting the licence in question and is loss—

(a)    in respect of which he has claimed relief under section 380 or 381 of the Taxes Act 1988; or

(b)    that he has claimed as an allowable loss under section 72 of the Finance Act 1991 (c 31).

(3)    For the purposes of subsection (2) the part of a loss that falls within that subsection shall be determined on such basis as is just and reasonable.

(4)    In relation to an individual who carried on the trade at any time before 26 March 2004, the reference in subsection (2) to expenditure does not include expenditure incurred before 10 February 2004.

(5)    As espects any year of assessment, the individual's “licence-related profit” is such part of his profit (if any) from the trade for that year of assessment as derives from income arising from any agreement that is related to or contains the licence in question.

(6)    The part of a profit that derives from such income shall be determined on such basis as is just and reasonable.

NOTES
Initial Commencement
Royal Assent

This Act received Royal Assent on 22 July 2004 and this section came into force on that date in the absence of any specific commencement provision.
Taxation of Non-active Partners99 Partnership Losses94 Partnership Taxation94 Tax Law94

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