{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-133",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-133.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/133",
  "kind": "section",
  "number": "133",
  "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 individual'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 individual's net income for the other tax year.\n(2) Subsection (1) is subject to sections 136(5) and 147 (which set limits on the amounts of share loss relief that may be obtained in particular cases).\n(3) If an individual—\n(a) makes a claim for share loss relief against income (“the first claim”) in relation to the year of the loss, and\n(b) makes a separate claim for share loss relief against income in respect of a loss made in the following tax year in relation to the same tax year as the first claim,\npriority is to be given to making deductions under the first claim.\n(4) Any share loss relief claimed in respect of any income has priority over any relief claimed in respect of that income under section 64 (deduction of losses from general income) or 72 (early trade losses relief).\n(5) A claim for share loss relief does not affect any claim for a deduction under TCGA 1992 for so much of the allowable loss as is not deducted under subsection (1).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 133(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)(e)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/133",
    "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."
}