{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-129",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-129.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/129",
  "kind": "section",
  "number": "129",
  "heading": "How relief works",
  "text": "(1) This subsection explains how the deductions are to be made.\nThe amount of the loss to be deducted at any step is limited in accordance with sections 24A and 25(4) and (5).\nStep 1\nDeduct the loss in calculating the person's net income for the specified tax year.\nStep 2\nThis step applies only if the claim is made in relation to both tax years.\nDeduct the part of the loss not deducted at Step 1 in calculating the person's net income for the other tax year.\n(2) There is a priority rule if a person—\n(a) makes a claim for employment loss relief against general income (“the first claim”) in relation to the loss-making year, and\n(b) makes a separate claim in respect of a loss made in the following tax year in relation to the same tax year as the first claim.\n(3) The rule is that priority is given to making deductions under the first claim.\n(4) For this purpose a “separate claim” means—\n(a) a claim for employment loss relief against general income, or\n(b) a claim for trade loss relief against general income (see sections 64 to 70).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 129(1) substituted (with effect in accordance with Sch. 3 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 3 para. 2(3)(d)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/129",
    "retrieved_at": "2026-10-29T09:13:03.599581+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."
}