Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 72 — Relief for individuals for losses in first 4 years of trade
Relief for individuals for losses in first 4 years of trade 72 1 An individual may make a claim for early trade losses relief if the individual makes a loss in a trade— a in the tax year in which the…
Section 73 — How relief works
How relief works 73 This section explains how the deductions are made for the 3 tax years mentioned in section 72(2). The amount of the loss to be deducted at any step is limited in accordance with…
Section 73A — Designated international organisations: exemption from section 59
Designated international organisations: exemption from section 59 73A 1 The Treasury may by order designate for the purposes of this section any international organisation of which the United Kingdom…
Section 74 — Restrictions on relief unless trade is commercial etc
Restrictions on relief unless trade is commercial etc 74 1 Early trade losses relief for a loss made by an individual in a trade in a tax year is not available unless the trade is commercial. 2 The…
Section 74A — Reliefs in any tax year not to exceed cap for tax year
Reliefs in any tax year not to exceed cap for tax year 74A 1 This section applies if— a during a tax year an individual carries on one or more trades, otherwise than as a partner in a firm, in a…
Section 74ZA — No relief for tax-generated losses
No relief for tax-generated losses 74ZA 1 This section applies if— a during a tax year a person carries on (alone or in partnership) a trade, profession or vocation (“the relevant activity”), b the…
Section 74B — No relief for tax-generated losses
No relief for tax-generated losses 74B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 74C — Meaning of “non-active capacity” for purposes of section 74A etc
Meaning of “non-active capacity” for purposes of section 74A etc 74C 1 For the purposes of section 74A an individual carries on a trade in a non-active capacity during a tax year if the individual— a…
Section 74D — Meaning of “qualifying film expenditure” for purposes of sections 74ZA and 74A
Meaning of “qualifying film expenditure” for purposes of sections 74ZA and 74A 74D 1 For the purposes of sections 74ZA and 74A expenditure is qualifying film expenditure if— a it is deducted under a…
Section 74E — No relief where cash basis used to calculate losses
No relief where cash basis used to calculate losses 74E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 75 — Trade leasing allowances given to individuals
Trade leasing allowances given to individuals 75 1 Sideways relief is not available to an individual for so much of a loss as derives from a trade leasing allowance unless the individual meets the…
Section 76 — First-year allowances and annual investment allowances : introduction
First-year allowances and annual investment allowances : introduction 76 Sideways relief is not available to an individual for so much of a loss as derives from an annual investment allowance or a…
Section 77 — First-year allowances: partnerships with companies
First-year allowances: partnerships with companies 77 1 This section applies if— a the first-year allowance is in respect of expenditure incurred at any time on the provision of plant or machinery…
Section 78 — First-year allowances and annual investment allowances : arrangements to reduce tax liabilities
First-year allowances and annual investment allowances : arrangements to reduce tax liabilities 78 1 This section applies if— a the annual investment allowance or first-year allowance is made in…
Section 79 — Capital allowances restrictions: supplementary
Capital allowances restrictions: supplementary 79 1 If relief is given in a case to which section 75 or 76 applies, the relief is withdrawn by the making of an assessment to income tax under this…
Section 80 — Ring fence income
Ring fence income 80 1 This section applies if— a a person has income arising from oil extraction activities or oil rights (“ring fence income”), and b the person makes a loss in any trade. 2…
Section 81 — Dealings in commodity futures
Dealings in commodity futures 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 82 — Exploitation of films
Exploitation of films 82 In the case of a trade carried on by an individual which consists of or includes the exploitation of films— a see section 115 for a restriction on sideways relief if the…
Section 83 — Carry forward against subsequent trade profits
Carry forward against subsequent trade profits 83 1 A person may make a claim for carry-forward trade loss relief if— a the person has made a loss in a trade in a tax year, and b relief for the loss…
Section 84 — How relief works
How relief works 84 This section explains how the deductions are to be made. The amount of the unrelieved loss to be deducted at any step is limited in accordance with section 25(4) and (5). Step 1…
Section 85 — Use of trade-related interest and dividends if trade profits insufficient
Use of trade-related interest and dividends if trade profits insufficient 85 1 This section applies if carry-forward trade loss relief cannot be fully given in relation to the profits of a trade of a…
Section 86 — Trade transferred to a company
Trade transferred to a company 86 1 This section applies if— a a trade is carried on by an individual otherwise than as a partner in a firm or by individuals in partnership, b the trade is…
Section 87 — Ring fence trades
Ring fence trades 87 1 This section applies if— a a person makes a loss in a tax year carrying on oil-related activities (within the meaning of section 16 of ITTOIA 2005), b those activities are…
Section 88 — Carry forward of certain interest as loss
Carry forward of certain interest as loss 88 1 This section applies if— a an individual pays interest in a tax year which is eligible for relief under section 383 (as a result of section 388 or 398),…
Section 89 — Carry back of losses on a permanent cessation of a trade
Carry back of losses on a permanent cessation of a trade 89 1 A person may make a claim for terminal trade loss relief if the person— a permanently ceases to carry on a trade in a tax year (“the…
Section 90 — Losses that are “terminal losses”
Losses that are “terminal losses” 90 1 Each of the following is a terminal loss made in the trade— a the loss (if any) made in the trade in the period beginning with the start of the final tax year…
Section 91 — How relief works
How relief works 91 This section explains how the deductions are to be made. The amount of the relievable loss to be deducted at any step is limited in accordance with section 25(4) and (5). Step 1…
Section 92 — Use of trade-related interest and dividends if trade profits insufficient
Use of trade-related interest and dividends if trade profits insufficient 92 1 This section applies if terminal trade loss relief cannot be fully given in relation to the profits of a trade of a tax…
Section 93 — Mineral extraction trade and carry back of balancing allowances
Mineral extraction trade and carry back of balancing allowances 93 1 This section applies if— a a person permanently ceases to carry on a mineral extraction trade, and b the person makes a claim for…
Section 94 — Carry back of certain interest as loss
Carry back of certain interest as loss 94 1 This section applies if— a an individual pays interest in a tax year which is eligible for relief under section 383 (as a result of section 388 or 398), b…
Section 95 — Foreign trades etc: reliefs only against foreign income
Foreign trades etc: reliefs only against foreign income 95 1 This section applies if a person— a carries on a trade, profession or vocation wholly outside the United Kingdom, and b makes a loss in…
Section 96 — Post-cessation trade relief
Post-cessation trade relief 96 1 A person may make a claim for post-cessation trade relief if, after permanently ceasing to carry on a trade— a the person makes a qualifying payment, or b a…
Section 97 — Meaning of “qualifying payment”
Meaning of “qualifying payment” 97 1 For the purposes of section 96 a person makes a “qualifying payment” after permanently ceasing to carry on a trade if the person makes a payment wholly and…
Section 98 — Meaning of “qualifying event” etc
Meaning of “qualifying event” etc 98 1 This section explains for the purposes of section 96 what is meant by— a a “qualifying event” occurring in relation to a debt owed to a person who has…
Section 98A — Denial of relief for tax-generated payments or events
Denial of relief for tax-generated payments or events 98A 1 Post-cessation trade relief is not available to a person in respect of a payment or an event which is made or occurs directly or indirectly…
Section 99 — Reduction of relief for unpaid trade expenses
Reduction of relief for unpaid trade expenses 99 1 This section applies for the purposes of post-cessation trade relief in respect of a person's trade if a deduction was made in calculating the…
Section 99B — Declarations under Chapter 2 of Part 15 of ITA 2007
Declarations under Chapter 2 of Part 15 of ITA 2007 99B Where a person fraudulently or negligently gives any incorrect information in a declaration under any of sections 858 to 861 of ITA 2007, the…
Section 100 — Prohibition against double counting
Prohibition against double counting 100 1 Post-cessation trade relief is not available for an amount for which relief is given, or is available, under any other provision of the Income Tax Acts. 2…
Section 101 — Treating excess post-cessation trade relief as CGT loss
Treating excess post-cessation trade relief as CGT loss 101 A person who cannot deduct all of an amount under a claim for post-cessation trade relief may be able to treat the unused part as an…
Section 102 — Overview of Chapter
Overview of Chapter 102 1 This Chapter restricts the amount of relief that may be given for any loss made by an individual in a trade carried on by the individual as— a a limited partner in any tax…
Section 103 — Meaning of “sideways relief”, “capital gains relief” and “firm”
Meaning of “sideways relief”, “capital gains relief” and “firm” 103 1 For the purposes of this Chapter sideways relief is— a trade loss relief against general income (see sections 64 to 70), or b…
Section 103A — Meaning of “limited partner”
Meaning of “limited partner” 103A 1 In this Chapter “ limited partner ” means an individual who carries on a trade— a as a limited partner in a limited partnership registered under the Limited…
Section 103B — Meaning of “non-active partner” etc
Meaning of “non-active partner” etc 103B 1 For the purposes of this Chapter an individual carries on a trade as a non-active partner during a tax year if the individual— a carries on the trade as a…
Section 103C — Limit on reliefs in any tax year not to exceed cap for tax year
Limit on reliefs in any tax year not to exceed cap for tax year 103C 1 This section applies if an individual carries on one or more trades— a as a non-active partner in a firm during a tax year, or b…
Section 103D — Meaning of “qualifying film expenditure”
Meaning of “qualifying film expenditure” 103D 1 For the purposes of this Chapter expenditure is qualifying film expenditure if— a it is deducted under a relevant film provision for the purposes of…
Section 104 — Restriction on reliefs for limited partners
Restriction on reliefs for limited partners 104 1 This section applies if— a at a time in a tax year (“the relevant tax year”) an individual carries on a trade (“the relevant trade”) as a limited…
Section 105 — Meaning of “contribution to the firm”
Meaning of “contribution to the firm” 105 1 For the purposes of section 104 the individual's contribution to the firm is the sum of amounts A and B. 2 Amount A is the amount which the individual has…
Section 106 — Meaning of “limited partner”
Meaning of “limited partner” 106 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 107 — Restriction on reliefs for members of LLPs
Restriction on reliefs for members of LLPs 107 1 This section applies if— a an individual carries on a trade (“the relevant trade”) as a member of an LLP at a time in a tax year, and b the individual…
Section 108 — Meaning of “contribution to the LLP”
Meaning of “contribution to the LLP” 108 1 For the purposes of section 107 the individual's contribution to the LLP at any time (“ the relevant time ”) is the sum of amounts A and B. 2 Amount A is…