Section 168 Set-off against general income.

United Kingdom

1)—(7)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

F2(8)

This section applies in relation to losses sustained in the occupation of woodlands in respect of which a person has elected under F3Paragraph 4 of Schedule 6 to the Finance Act 1988 to be charged to income tax under Schedule D as it applies in relation to losses sustained in a trade.

Annotations

Textual amendments

F1: Part VII to Part X (ss. 168–237) repealed (except for ss. 168(8), 169(10), 171(5) and 174(13)) by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.
F2: Ss. 168(8), 169(10), 171(5) and 174(13) repealed (6.4.1993) by Finance Act 1988 (c. 39, SIF 63:1, 2), s. 148, Sch. 14 Pt. V.
F3: Words substituted by Finance Act 1988 (c. 39, SIF 63:1, 2), s. 65, Sch. 6 para. 6(4).

Notes on the whole Act

Textual amendments

F1: Act repealed (in relation to Tax for the year 1992/93 and subsequent years as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290(3), Sch. 11 para. 24(1), Sch.12 (with savings in ss. 201(3), 290, Sch. 11 paras. 22, 26(2), 27), subject to applications, powers and amendments in the following enactments: Social Security Contributions and Benefits Act 1992 (c. 4), s. 16(1)(3), Sch. 2; Social Security (Consequential Provisions) Act 1992 (c. 6), s. 5, Sch. 3 Pt. II para. 15; Taxation of Chargeable Gains Act 1992 (c. 12), ss. 1(2), 209(3); Finance (No. 2) Act 1992, ss. 24, 49(2)(3)(a)(b)(4)(9), 77, Sch. 6 paras.4, 9, Sch. 17 paras. 6(3)(6), 7; S.I. 1992/58, arts. 9, 11(3),33, Sch. 2 para.1, S.I. 1992/1725, art. 107, Sch. 8 para.2; S.I. 1995/171, reg. 4(2)(a); S.I. 1995/1916, reg. 4; 1994 c. 9, s. 258, Sch. 26 Pt. V