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Paragraph 25

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In section 384 of the Taxes Act 1988 (restrictions on right of set-off) in subsection (1) (no relief unless it is shown that trade was on a commercial basis and with a view to the realisation of profits) the words “it is shown that” shall cease to have effect.

F1(2)

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Annotations

Textual amendments

F1

Sch. 20 para. 25(2) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)