Paragraph 8 Removal of loss restrictions

United Kingdom

In ITA 2007—

(a)

in Chapter 2 of Part 4 (loss relief: trade losses) omit section 74E (no relief where cash basis used to calculate losses) and the italic heading before it, and

(b)

in Chapter 1 of Part 8 (relief for interest payments), in section 384B(1) (restriction on relief where cash basis applies)—

(i)

for the words from “has made” to “profits of” substitute “carried on”;

(ii)

for “carried on by the partnership” substitute “the profits of which”.