Link Report

(1)In this Chapter and Schedule 25B, In this Chapter and in Schedules 25B and 25C, except where the context otherwise requires—

“amount of specified relief”, in relation to a specified relief used by an individual in respect of a tax year, but subject to subsection (1A), means the amount of the specified relief used by the individual in respect of the tax year determined by reference to the entry in column (3) of Schedule 25B opposite the reference to the specified relief concerned in column (2) of that Schedule;

“specified relief”, in relation to a tax year and an individual, means any of the reliefs any relief arising under, or by virtue of, any of the provisions set out in column (2) of Schedule 25B;

(1B)(a) For the purposes of this subsection and Schedule 25B “specified plant and machinery” means plant and machinery on which a wear and tear allowance may be granted under section 284, whether by virtue of section 298 or otherwise, which would be restricted by section 403(3) save for the provisions of section 403(9).

(d) This subsection and the matters set out opposite reference numbers 15C and 15D in Schedule 25B shall not apply to allowances granted to an individual who in respect of the trade to which the allowances relate is an active trader, within the meaning of section 409D, or an active partner, within the meaning of section 409A.

(4) Schedules 25B and 25C shall have effect for the purposes of this Chapter.

(1)In this Chapter and Schedule 25B, In this Chapter and in Schedules 25B and 25C, except where the context otherwise requires—

(4) Schedules 25B and 25C shall have effect for the purposes of this Chapter.

(c) a further deduction due under section 324, 333, 345, 354 or paragraph 13 of Schedule 32 for a tax year shall only be given effect for that year after effect is given to any other deduction the individual is entitled to for that year in computing the amount of the individual’s profits or gains to be charged to tax for that year under Case I or II of Schedule D.

(c) a further deduction due under section 324, 333, 345, 354 or paragraph 13 of Schedule 32 for a tax year shall only be given effect for that year after effect is given to any other deduction the individual is entitled to for that year in computing the amount of the individual’s profits or gains to be charged to tax for that year under Case I or II of Schedule D.

(ab) a deduction authorised by subsection (2) of section 97 shall be allowed in respect of a matter which is specifically referred to in that subsection in priority to a deduction authorised to be made under that subsection by virtue of a specified relief,

(a) income chargeable to tax in accordance with subparagraph (i) of paragraph (c) of section 261 where clause (II) of that subparagraph applies to the income concerned, concerned, and

(b) income referred to in section 261B or 267M, 267M;

(b) income referred to in section 261B or 267M, 267M;

(1A) Where a balancing charge is made under section 274, in relation to a building or structure, on an individual for a tax year, then—

(1B)(a) For the purposes of this subsection and Schedule 25B “specified plant and machinery” means plant and machinery on which a wear and tear allowance may be granted under section 284, whether by virtue of section 298 or otherwise, which would be restricted by section 403(3) save for the provisions of section 403(9).

(b) Subject to paragraph (d), a wear and tear allowance granted under section 284, or deemed to have been made to an individual under section 287, whether by virtue of section 298 or otherwise, shall only be a specified relief to the extent it relates to specified plant and machinery.

(b) Subject to paragraph (d), a wear and tear allowance granted under section 284, or deemed to have been made to an individual under section 287, whether by virtue of section 298 or otherwise, shall only be a specified relief to the extent it relates to specified plant and machinery.

(c) Subject to paragraph (d), a balancing allowance arising under section 288 shall only be a specified relief to the extent it relates to specified plant and machinery.

(1B)(a) For the purposes of this subsection and Schedule 25B “specified plant and machinery” means plant and machinery on which a wear and tear allowance may be granted under section 284, whether by virtue of section 298 or otherwise, which would be restricted by section 403(3) save for the provisions of section 403(9).

(b) Subject to paragraph (d), a wear and tear allowance granted under section 284, or deemed to have been made to an individual under section 287, whether by virtue of section 298 or otherwise, shall only be a specified relief to the extent it relates to specified plant and machinery.

(a) to the extent that any unused capital allowances attributable to capital expenditure incurred on the construction or refurbishment of that building or structure, have been carried forward in accordance with section 304 or 305 to the tax year, and are used in that tax year to reduce the amount of the balancing charge, those allowances so used shall not be treated as an amount of specified relief under this Chapter, and

(a) to the extent that any unused capital allowances attributable to capital expenditure incurred on the construction or refurbishment of that building or structure, have been carried forward in accordance with section 304 or 305 to the tax year, and are used in that tax year to reduce the amount of the balancing charge, those allowances so used shall not be treated as an amount of specified relief under this Chapter, and

(c) a further deduction due under section 324, 333, 345, 354 or paragraph 13 of Schedule 32 for a tax year shall only be given effect for that year after effect is given to any other deduction the individual is entitled to for that year in computing the amount of the individual’s profits or gains to be charged to tax for that year under Case I or II of Schedule D.

(c) a further deduction due under section 324, 333, 345, 354 or paragraph 13 of Schedule 32 for a tax year shall only be given effect for that year after effect is given to any other deduction the individual is entitled to for that year in computing the amount of the individual’s profits or gains to be charged to tax for that year under Case I or II of Schedule D.

(c) a further deduction due under section 324, 333, 345, 354 or paragraph 13 of Schedule 32 for a tax year shall only be given effect for that year after effect is given to any other deduction the individual is entitled to for that year in computing the amount of the individual’s profits or gains to be charged to tax for that year under Case I or II of Schedule D.

(c) a further deduction due under section 324, 333, 345, 354 or paragraph 13 of Schedule 32 for a tax year shall only be given effect for that year after effect is given to any other deduction the individual is entitled to for that year in computing the amount of the individual’s profits or gains to be charged to tax for that year under Case I or II of Schedule D.

(1B)(a) For the purposes of this subsection and Schedule 25B “specified plant and machinery” means plant and machinery on which a wear and tear allowance may be granted under section 284, whether by virtue of section 298 or otherwise, which would be restricted by section 403(3) save for the provisions of section 403(9).

(1B)(a) For the purposes of this subsection and Schedule 25B “specified plant and machinery” means plant and machinery on which a wear and tear allowance may be granted under section 284, whether by virtue of section 298 or otherwise, which would be restricted by section 403(3) save for the provisions of section 403(9).

(d) This subsection and the matters set out opposite reference numbers 15C and 15D in Schedule 25B shall not apply to allowances granted to an individual who in respect of the trade to which the allowances relate is an active trader, within the meaning of section 409D, or an active partner, within the meaning of section 409A.

(d) This subsection and the matters set out opposite reference numbers 15C and 15D in Schedule 25B shall not apply to allowances granted to an individual who in respect of the trade to which the allowances relate is an active trader, within the meaning of section 409D, or an active partner, within the meaning of section 409A.

“excess relief”, in relation to a tax year and an individual, means the amount by which the individual’s taxable income for the tax year determined in accordance with section 485E exceeds the amount that the individual’s taxable income for the tax year would have been had this Chapter, other than section 485F, not applied to that individual for that year;

(a) this Chapter, other than section 485F, does not apply to the individual for the tax year, and

“excess relief”, in relation to a tax year and an individual, means the amount by which the individual’s taxable income for the tax year determined in accordance with section 485E exceeds the amount that the individual’s taxable income for the tax year would have been had this Chapter, other than section 485F, not applied to that individual for that year;

(b) (i) if the individual, being a married person, is assessable to tax for the tax year otherwise than under section 1016, the provisions under which the individual is assessable are modified in accordance with paragraphs (i) to (vi), but excluding paragraph (iia) of section 485FA,

(ii) if the individual, being a civil partner, is assessable to tax for the tax year otherwise than under section 1031B, the provisions under which the individual is assessable are modified in accordance with paragraphs (i), (iia) and (vi) of section 485FA,

(b) (i) if the individual, being a married person, is assessable to tax for the tax year otherwise than under section 1016, the provisions under which the individual is assessable are modified in accordance with paragraphs (i) to (vi), but excluding paragraph (iia) of section 485FA,

(ii) if the individual, being a civil partner, is assessable to tax for the tax year otherwise than under section 1031B, the provisions under which the individual is assessable are modified in accordance with paragraphs (i), (iia) and (vi) of section 485FA,