Free legislation on LexisWeb is as enacted and does not take into account any amendments
Full Table of Contents
(1) In section 117(2) of ICTA (restriction on relief for limited partners)—
(a) at the end of the definition of “the aggregate amount” insert—
“less the amount of any reclaimed relief at that time;”, and
(b) after that definition insert—
““the amount of any reclaimed relief” at any time means the total of any amounts at that time which the individual has been treated as receiving under section 74 of the Finance Act 2005 (recovery of excess relief given under section 380 or 381) as a result of the application of that section of that Act to him in respect of losses sustained by him in the trade;”.
(2) In section 118ZF of ICTA (meaning of “the aggregate amount”)—
(a) in subsection (1), after “subsection (2)” insert “, less the amount of any reclaimed relief.”, and
(b) after that subsection insert—
“(1A) For the purposes of subsection (1) “the amount of any reclaimed relief” means the total of any amounts which the individual has been treated as receiving under section 74 of the Finance Act 2005 (recovery of excess relief given under section 380 or 381) as a result of the application of that section of that Act to him in respect of losses sustained by him in the trade.”
(3) In section 121 of FA 2004 (definition of “the losses claimed”)—
(a) at the end of subsection (1) insert—
“less the amount of any relevant reclaimed relief.”, and
(b) after that subsection insert—
“(1A) The “amount of any relevant reclaimed relief” means whichever is the lesser of—
(a) the total of any amounts which the individual has been treated as receiving under section 74 of the Finance Act 2005 (recovery of excess relief given under section 380 or 381 of the Taxes Act 1988) as a result of the application of that section of that Act to him in respect of losses sustained by him in the trade, and
(b) the total amount of any film-related losses sustained by the individual in the trade in any eligible years of assessment within the meaning of section 74 of the Finance Act 2005 to the extent that they are losses in respect of which he has at any time claimed relief as described in paragraph (a) or (b) of subsection (1) above.”
(4) The amendments made by this section are deemed to have come into force on 2nd December 2004.
This Act received Royal Assent on 7 April 2005: for provision as to the commencement of the amendments made by this section see sub-s (4) above.
Full Table of Contents
Practice Areas
Lexis®Library
- Authoritative guides to the status of statutory provisions and their meaning from a range of titles from Butterworths, Halsbury's Statutes and TolleyView other related LexisLibrary annotations
- The current law in England and Wales, consolidated by the incorporation of amendments into existing legislation, by an expert team of editorsView Consolidated Version
- Indicates the date on which a section of an enactment was brought into force, powered by Halsbury's Is It In ForceView current status of this Act
- Cases related to this particular case that are related to, or discuss this caseView related cases
- Official explanatory notes that further explain the effects of the Act and summarise what the Act sets out to achieveView official explanatory notes
- Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView all related commentary
- An authoritative guide to the status of statutory provisions and their meaning, including definitions, cross-references and information on commencement and amendmentView Halsbury Statutes Citator
- Subordinate legislation is made under the authority of a provision (or provisions) of an Act (or Acts) of ParliamentView all subordinate legislation
