Section 790 — Income Tax Act 2007: Overview of Chapter

Overview of Chapter 790 1 This Chapter imposes charges to income tax on—

a individuals who are treated as receiving income under section 792 (individuals in partnership claiming excess relief),

b individuals who are treated as receiving income under section 797 (individuals claiming relief for film-related trading losses),

and c individuals who are treated as receiving income under section 805 (individuals in partnership claiming relief for licence-related trading losses).

2 The charges apply if (among other things) the individual makes a loss in a trade for which the individual claims sideways relief or capital gains relief.

3 For the purposes of this Chapter sideways relief is—

a trade loss relief against general income (see sections 64 to 70), or b early trade losses relief (see sections 72 to 74).

4 For the purposes of this Chapter—

a capital gains relief is, in relation to a loss, the treatment of the loss as an allowable loss by virtue of section 261B of TCGA 1992 (use of trading loss as a CGT loss),

and b capital gains relief is claimed for a loss when a claim under that section is made in relation to the loss.

5 References in this Chapter to a firm are to be read in the same way as references to a firm in Part 9 of ITTOIA 2005 (which contains special provision about partnerships).