Taxes Consolidation Act, 1997 (Number 39 of 1997)
384 Relief under Case V for losses.
[ITA67 s89; FA69 s24; FA90 s18(1)(b) and (c); FA97 s146(1) and Sch9 PtI par1(7)]
(1) In this section, “the person chargeable” has the same meaning as in Chapter 8 of Part 4.
(2) Where in any year of assessment the aggregate amount of the deficiencies computed in accordance with section 97(1) exceeds the aggregate of the surpluses as so computed, the excess shall be carried forward and, in so far as may be, deducted from or set off against the amount of profits or gains on which the person chargeable is assessed under Case V of Schedule D for any subsequent year of assessment, and if income tax has been overpaid the amount overpaid shall be repaid.
[3]>
(2A) Where section 372AP(7) applies, the amount of the excess, which by virtue of subsection (2) has been carried forward to a year of assessment in which either of the events referred to in section 372AP(7) occurs, shall be reduced by the amount represented by B in the formula in that section and this section shall not apply in that year of assessment or in any subsequent year of assessment to the amount of that reduction.
<[3]
(3) [1]>Any<[1][1]>Subject to subsection (4), any<[1] relief under this section shall be given as far as possible from the assessment for the first subsequent year of assessment and, in so far as it cannot be so given, from the assessment for the next year of assessment and so on.
[2]>
(4) Any allowance to be made in charging income under Case V of Schedule D in accordance with section 305(1)(a) shall be made in priority to any relief to be given under this section.
<[2]
[1]
Substituted by FA10 s(15)(a). Deemed to have come into force and takes effect as on and from 1 January 2010.
[2]
Inserted by FA10 s(15)(b). Deemed to have come into force and takes effect as on and from 1 January 2010.
[3]
Inserted by FA12 s16(2). Applies to an event referred to in paragraph (a) or (b) of section 372AP(7) that occurs on or after 1 January 2012.