Section IA 4 — Income Tax Act 2007: Using loss balances carried forward to tax year

IA 4 Using loss balances carried forward to tax year Priority uses (1) A person’s loss balance carried forward under section IA 3(4) to a tax year, must— (a) first, be subtracted from their net income, so far as it extends, for the tax year; and (b) secondly, to the extent of a remaining loss balance carried forward under section IA 2(2) , be included in their tax loss for the tax year. Relationship with other provisions in this subpart (2) Sections IA 5 and IA 8 to IA 10 override this section. Defined in this Act: company , loss balance , net income , tax loss , tax year , Compare: 2004 No 35 s IE 1(2) Section IA 4(1)(b): amended (with effect on 1 April 2008), on 7 December 2009, by section 56(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section IA 4(2) heading: substituted (with effect on 1 April 2008), on 7 December 2009, by section 56(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section IA 4(2): substituted (with effect on 1 April 2008), on 7 December 2009, by section 56(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).