Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 109 — Unrelieved losses brought forward
Unrelieved losses brought forward 109 1 This section applies for the purpose of determining an individual's entitlement to sideways relief and capital gains relief if— a the individual carries on a…
Section 110 — Restriction on reliefs for non-active partners in early tax years
Restriction on reliefs for non-active partners in early tax years 110 1 This section applies if— a an individual carries on a trade (“the relevant trade”) as a non-active partner in a firm during an…
Section 111 — Meaning of “contribution to the firm”
Meaning of “contribution to the firm” 111 1 For the purposes of section 110 the individual's contribution to the firm at any time (“ the relevant time ”) is the sum of amount A and amount B and, if…
Section 112 — Meaning of “early tax year”
Meaning of “early tax year” 112 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 . . . . . . . . . . . . . . . . .…
Section 113 — Unrelieved losses brought forward
Unrelieved losses brought forward 113 1 This section applies for the purpose of determining an individual's entitlement to sideways relief and capital gains relief in relation to a trade if— a at a…
Section 113A — Exclusion of amounts contributed to access relief
Exclusion of amounts contributed to access relief 113A 1 An amount which an individual contributes to a firm as capital is to be excluded in calculating the individual's contribution to the firm for…
Section 114 — Power to exclude other amounts
Power to exclude other amounts 114 1 The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that any amount of a specified description is to be excluded in calculating— a…
Section 115 — Restrictions on reliefs for firms exploiting films
Restrictions on reliefs for firms exploiting films 115 1 This section applies if— a an individual carries on a trade as a partner in a firm at a time during a tax year, b the trade consists of or…
Section 116 — Exclusion from restrictions under section 115: certain film expenditure
Exclusion from restrictions under section 115: certain film expenditure 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 116A — Excess loss allocation to partners who are individuals
Excess loss allocation to partners who are individuals 116A 1 Subsection (2) applies if— a in a tax year, an individual (“A”) makes a loss in a trade as a partner in a firm, and b A's loss arises,…
Section 117 — Overview of Chapter
Overview of Chapter 117 1 This Chapter— a provides for losses made in a UK property business or overseas property business in a tax year to be carried forward for deduction from profits in subsequent…
Section 118 — Carry forward against subsequent property business profits
Carry forward against subsequent property business profits 118 1 Relief is given to a person under this section if the person— a carries on a UK property business or overseas property business (alone…
Section 119 — How relief works
How relief works 119 This section explains how the deductions are to be made. The amount of the loss to be deducted at any step is limited in accordance with section 25(4) and (5). Step 1 Deduct the…
Section 120 — Deduction of property losses from general income
Deduction of property losses from general income 120 1 A person may make a claim for property loss relief against general income if— a in a tax year (“the loss-making year”) the person makes a loss…
Section 121 — How relief works
How relief works 121 1 This subsection explains how the deductions are to be made. The amount of the applicable amount of the loss to be deducted at any step is limited in accordance with sections…
Section 122 — Meaning of “the applicable amount of the loss”
Meaning of “the applicable amount of the loss” 122 1 This section defines “ the applicable amount of the loss ” for the purposes of sections 120 and 121. 2 “The applicable amount of the loss” is— a…
Section 123 — Meaning of “the loss has a capital allowances connection” and “the business has a relevant agricultural connection”
Meaning of “the loss has a capital allowances connection” and “the business has a relevant agricultural connection” 123 1 This section applies for the purposes of sections 120 and 122. 2 The loss has…
Section 124 — Supplementary
Supplementary 124 1 A claim for property loss relief against general income must be made on or before the first anniversary of the normal self-assessment filing date for the tax year specified in the…
Section 125 — Post-cessation property relief
Post-cessation property relief 125 1 A person may make a claim for post-cessation property relief if, after permanently ceasing to carry on a UK property business (whether carried on alone or in…
Section 125A — Effect of share loss relief
Effect of share loss relief 125A 1 If loss relief under section 573 of the Taxes Act or Chapter 6 of Part 4 of ITA 2007 (“share loss relief”) is obtained in respect of a loss or any part of a loss,…
Section 126 — Treating excess post-cessation property relief as CGT loss
Treating excess post-cessation property relief as CGT loss 126 A person who cannot deduct all of an amount under a claim for post-cessation property relief may be able to treat the unused part as an…
Section 127 — UK furnished holiday lettings business treated as trade
UK furnished holiday lettings business treated as trade 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 127A — No relief for tax-generated losses attributable to annual investment allowance
No relief for tax-generated losses attributable to annual investment allowance 127A 1 This section applies if— a in a tax year a person makes a loss in a UK property business or overseas property…
Section 127BA — Restriction of relief: cash basis
Restriction of relief: cash basis 127BA 1 This section applies if— a in a tax year a person makes a loss in a UK property business or overseas property business (whether carried on alone or in…
Section 127ZA — EEA furnished holiday lettings business treated as trade
EEA furnished holiday lettings business treated as trade 127ZA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 127B — No relief for tax-generated agricultural expenses
No relief for tax-generated agricultural expenses 127B 1 This section applies if— a in a tax year a person makes a loss in a UK property business or overseas property business (whether carried on…
Section 127C — Excess loss allocation to partners who are individuals
Excess loss allocation to partners who are individuals 127C 1 Subsection (2) applies if— a in a tax year, an individual (“A”) makes a loss in a UK property business or an overseas property business…
Section 128 — Employment loss relief against general income
Employment loss relief against general income 128 1 A person may make a claim for employment loss relief against general income if the person— a is in employment or holds an office in a tax year, and…
Section 129 — How relief works
How relief works 129 1 This subsection explains how the deductions are to be made. The amount of the loss to be deducted at any step is limited in accordance with sections 24A and 25(4) and (5) .…
Section 130 — Treating loss in employment or office as CGT loss
Treating loss in employment or office as CGT loss 130 A person who cannot deduct all of a loss in an employment or office under a claim for employment loss relief against general income may be able…
Section 131 — Share loss relief
Share loss relief 131 1 An individual is eligible for relief under this Chapter (“share loss relief”) if— a the individual incurs an allowable loss for capital gains tax purposes on the disposal of…
Section 132 — Entitlement to claim
Entitlement to claim 132 1 An individual who is eligible for share loss relief may make a claim for the loss to be deducted in calculating the individual's net income— a for the year of the loss, b…
Section 133 — How relief works
How relief works 133 1 This subsection explains how the deductions are to be made. The amount of the loss to be deducted at any step is limited in accordance with sections 24A and 25(4) and (5) .…
Section 134 — Qualifying trading companies
Qualifying trading companies 134 1 In relation to shares to which EIS relief is not attributable (see section 131(2)(b)), a qualifying trading company is a company which meets each of conditions A to…
Section 135 — Subscriptions for shares
Subscriptions for shares 135 1 This section has effect in relation to shares to which EIS relief is not attributable. 2 An individual subscribes for shares in a company if they are issued to the…
Section 136 — Disposals of new shares
Disposals of new shares 136 1 This section has effect in relation to shares to which EIS relief is not attributable. 2 If— a an individual disposes of shares (“the new shares”), and b the new shares…
Section 137 — The trading requirement
The trading requirement 137 1 The trading requirement is that— a the company, ignoring any incidental purposes, exists wholly for the purpose of carrying on one or more qualifying trades, or b the…
Section 138 — Ceasing to meet trading requirement because of administration or receivership
Ceasing to meet trading requirement because of administration or receivership 138 1 A company is not regarded as ceasing to meet the trading requirement merely because of anything done in consequence…
Section 139 — The control and independence requirement
The control and independence requirement 139 1 The control element of the requirement is that— a the company must not control (whether on its own or together with any person connected with it) any…
Section 140 — The qualifying subsidiaries requirement
The qualifying subsidiaries requirement 140 1 The qualifying subsidiaries requirement is that any subsidiary that the company has must be a qualifying subsidiary of the company. 2 In this section “…
Section 141 — The property managing subsidiaries requirement
The property managing subsidiaries requirement 141 1 The property managing subsidiaries requirement is that any property managing subsidiary that the company has must be a qualifying 90% subsidiary…
Section 142 — The gross assets requirement
The gross assets requirement 142 1 The gross assets requirement in the case of a single company is that the value of the company's gross assets— a must not exceed £7 million immediately before the…
Section 143 — The unquoted status requirement
The unquoted status requirement 143 1 The unquoted status requirement is that, at the time (“ the relevant time ”) at which the shares in respect of which the share loss relief is claimed are issued—…
Section 144 — Power to amend requirements by Treasury order
Power to amend requirements by Treasury order 144 The Treasury may by order make such amendments of sections 137 to 143 as they consider appropriate.
Section 145 — Relief after an exchange of shares for shares in another company
Relief after an exchange of shares for shares in another company 145 1 This section and section 146 apply in relation to shares to which EIS relief is not attributable if— a a company (“the new…
Section 146 — Substitution of new shares for old shares
Substitution of new shares for old shares 146 1 Subsection (2) applies if, in the case of any new shares held by an individual or by a nominee for an individual, the old shares for which they were…
Section 147 — Limits on share loss relief
Limits on share loss relief 147 1 Subsection (2) applies if— a an individual disposes of any qualifying shares, b those shares either— i form part of a section 104 holding ... at the time of the…
Section 148 — Disposal of shares forming part of mixed holding
Disposal of shares forming part of mixed holding 148 1 This section applies if an individual disposes of shares forming part of a mixed holding of shares, that is, a holding of shares in a company…
Section 149 — Section 148: supplementary
Section 148: supplementary 149 1 In the case of a disposal of shares within section 148(3)(b)(ii) or (iii) to which section 105A of TCGA 1992 (election for alternative treatment: approved-scheme…
Section 150 — Deemed time of issue for certain shares
Deemed time of issue for certain shares 150 1 In this section “ the relevant provisions ” means— ... section 142(1)(a) and (2)(a), section 143(1), and section 146(2)(b). 2 If— a any shares were…