{
  "url": "https://openlegislation.uk/finance-act-2001/schedule-32/paragraph-7",
  "json_url": "https://openlegislation.uk/finance-act-2001/schedule-32/paragraph-7.json",
  "legislation": "ukpga/2001/9",
  "legislation_title": "Finance Act 2001",
  "legislation_url": "https://openlegislation.uk/finance-act-2001",
  "path": "schedule/32/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": "Loss to be relieved against other participators’ profits",
  "text": "(1) The intermediate unrelieved loss shall (but only for the purposes of determinations under this Schedule) be relieved against relevant profits accruing to a different owner.\n(2) The provisions of paragraphs 8 to 10 apply for the purposes of relieving the intermediate unrelieved loss under this paragraph.\n(3) In this paragraph and paragraph 8, a “different owner” means any participator in the field who—\n(a) has the loss-maker’s interest at any time (whether before or after the transfer) when the loss-maker does not have that interest, or\n(b) has a part of the loss-maker’s interest at any time (whether before or after the transfer) when the loss-maker does not have that part.\n(4) In sub-paragraph (3) “the loss-maker’s interest” means—\n(a) if the loss-maker is the old participator or the new participator, the transferred interest;\n(b) if the loss-maker is a subsequent new owner and at any time (whether before or after the transfer) has the whole of the transferred interest, that interest; and\n(c) if the loss-maker is a subsequent new owner and paragraph (b) does not apply, the aggregate of each part of the transferred interest that at any time (whether before or after the transfer) is a part that the loss-maker has.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2001/9/schedule/32/paragraph/7",
    "retrieved_at": "2026-10-29T09:20:10.469456+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}