Section 335A — Income Tax Act 2007: Carry forward of CITR

Carry forward of CITR 335A 1 This section applies if—

a the investor is entitled to a tax reduction for a relevant tax year under section 335 in respect of the investment, but b the amount of the tax reduction is not fully deducted at Step 6 for that relevant tax year.

2 The amount (“ the excess amount ”) not deducted is treated as follows.

3 For each subsequent relevant tax year for which the investor—

a is entitled to a tax reduction under section 335 in respect of the investment, and b makes a claim under this subsection, the investor is also entitled to a tax reduction under this subsection which is given effect at Step 6.

4 The amount of the tax reduction under subsection (3) for any relevant tax year is the excess amount so far as it has not been deducted at Step 6 for any earlier relevant tax year by virtue of that subsection.

5 In this section “ Step 6 ” means Step 6 of the calculation in section 23.