# Income Tax Act 2007, Paragraph 22


(1) This paragraph applies if—
(a) a person makes a loss (“the 2006-07 loss”) in a trade in the tax year 2006-07,
(b) relief under section 381 of ICTA is not available for the 2006-07 loss because of subsection (4) of that section,
(c) the person makes a loss (“the 2007-08 loss”) in the trade in the tax year 2007-08,
(d) (apart from this paragraph) relief under section 72 of this Act is not available for the 2007-08 loss because of section 74(1) of this Act,
(e) the basis period for the tax year 2007-08 overlaps with the tax year 2006-07, and
(f) ignoring this Act, subsection (4) of section 381 of ICTA would not have prevented relief under that section being available for the 2007-08 loss.
(2) Section 74(1) of this Act is not to apply in relation to the 2007-08 loss.
(3) This paragraph applies to professions and vocations as it applies to trades.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/schedule/2/paragraph/22 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/schedule-2/paragraph-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.