{
  "url": "https://openlegislation.uk/income-tax-act-2007/section-24",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/section-24.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "section/24",
  "kind": "section",
  "number": "24",
  "heading": "Reliefs deductible at Step 2",
  "text": "(1) If the taxpayer is an individual, the provisions referred to at Step 2 of the calculation in section 23 are—\n(a) the following—\nsection 72 (early trade losses relief),\nChapter 6 of Part 4 (share loss relief),\nChapter 3 of Part 8 (gifts of shares, securities and real property to charities etc),\nsections 457 and 458 of this Act or section 266(7) of ICTA (payments to trade unions or police organisations),\nsection 41P of ITEPA 2003 (deduction for amount that reflects qualifying foreign employment income),\nsection 193(4) of FA 2004 (pension schemes: relief under net pay arrangement: excess relief), ...\nsection 194(1) of FA 2004 (pension schemes: relief on making of claim), and\nsection 845A of ITTOIA 2005 (claim for relief for qualifying new residents), and\n(b) the following—\nsection 64 (trade loss relief against general income),\nsection 83 (carry-forward trade loss relief),\nsection 89 (terminal trade loss relief),\nsection 96 (post-cessation trade relief),\nsection 118 (carry-forward property loss relief),\nsection 120 (property loss relief against general income),\nsection 125 (post-cessation property relief),\nsection 128 (employment loss relief against general income),\nsection 152 (loss relief against miscellaneous income),\nChapter 1 of Part 8 (interest payments),\nChapter 1A of Part 8 (irrecoverable peer-to-peer loans),\nChapter 4 of Part 8 (annual payments ...),\nsection 574 (manufactured dividends on UK shares: payments by non-companies),\nsection 579 (manufactured interest on UK securities: payments not otherwise deductible),\nPart 2 of CAA 2001 (plant and machinery allowances), in a case where the allowance is to be given effect under section 258 of that Act (special leasing of plant and machinery),\n...\nPart 8 of CAA 2001 (patent allowances), in a case where the allowance is to be given effect under section 479 of that Act (persons having qualifying non-trade expenditure),\nsection 555 of ITEPA 2003 (deduction for liabilities related to former employment),\nsection 446 of ITTOIA 2005 (strips of government securities: relief for losses),\nsection 454(4) of ITTOIA 2005 (listed securities held since 26 March 2003: relief for losses: persons other than trustees), and\nsection 600 of ITTOIA 2005 (relief for patent expenses).\n(2) In any other case, the provisions referred to at Step 2 of the calculation in section 23 are—\n(a) the provisions listed in subsection (1)(b), and\n(b) regulation 18 of the Unauthorised Unit Trusts (Tax) Regulations 2013.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 24(1)(a) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 38(3), Sch. 8 para. 2(2) (with Sch. 8 Pt. 3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in s. 24(1)(a) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 37(2)(a)(ii)(4)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 24(1)(a) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 37(2)(a)(i)(4)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 24(1) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 32(3)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 24(1)(b) omitted (with effect in accordance with s. 15(5) of the amending Act) by virtue of Finance Act 2013 (c. 29), s. 15(4)(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "S. 24(1)(b) entry omitted (21.7.2008 with effect in accordance with Sch. 27 para. 30(1) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 27 para. 27(2)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in s. 24(2)(b) substituted (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 37(4) (with reg. 32)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/section/24",
    "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."
}