Section IS 1 — Income Tax Act 2007: General treatment of mining companies' net losses

IS 1 General treatment of mining companies' net losses Groups of companies (1) In a tax year in which a company is a mining company, section IC 5 (Company B using company A’s tax loss) does not apply, and the company is not included in a group of companies for the purposes of the section. Consolidated groups (2) A net mining loss of a mining company that is part of a consolidated group is dealt with under this subpart and not subpart ID (Use of tax losses by consolidated groups). Meaning of net mining loss (3) For the purposes of this subpart, a net mining loss means that part of a net loss of a mining company, a resident mining operator, or a non-resident mining operator that is described in section IA 7(7) (Restrictions relating to ring-fenced tax losses). Defined in this Act: company , consolidated group , group of companies , mining company , net mining loss , tax year Compare: 2004 No 35 ss IG 6(2) , IH 4(2) Section IS 1 heading: substituted (with effect on 1 April 2008), on 7 December 2009, by section 68(1) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section IS 1(2): amended (with effect on 1 April 2008), on 7 December 2009, by section 68(2) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section IS 1(3) heading: added (with effect on 1 April 2008), on 7 December 2009, by section 68(3) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section IS 1(3): added (with effect on 1 April 2008), on 7 December 2009, by section 68(3) of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section IS 1 list of defined terms net mining loss : inserted (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63). Section IS 1 list of defined terms tax loss : repealed (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).