Finance Act, 1987
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Amendment of section 13 (limits on relief) of Finance Act, 1984. |
9.— Section 13 of the Finance Act, 1984 , is hereby amended, with effect as on and from the 6th day of April, 1984, by the insertion after subsection (2) of the following subsections: | |
“(2A) If, in any year of assessment, a greater amount of relief would be given to an individual in respect of the amount or the total amount subscribed by him for eligible shares (in this subsection referred to as ‘the relevant subscription’) issued to him in that year or, where the proviso (inserted by the Finance Act, 1987) to section 12 (3) applies, in the next following year of assessment but for either or both of the following reasons, that is— | ||
(a) an insufficiency of total income, or | ||
(b) the operation of subsection (2), | ||
the amount of the relief which would be given but for those reasons less the amount, or the aggregate amount, of any relief in respect of the relevant subscription which is given in that year of assessment, shall be carried forward to the next following year of assessment, and shall be treated for the purposes of the relief as an amount subscribed directly by the individual for eligible shares issued to him in that following year: | ||
Provided that this subsection shall not apply or have effect for any year of assessment subsequent to the year 1990-91. | ||
(2B) If, and so far as, an amount once carried forward under subsection (2A) (and treated as an amount subscribed directly by an individual for eligible shares issued to him in the said following year of assessment) is not deducted from his total income for that year of assessment, it shall be carried forward again to the next following year of assessment (and treated as an amount subscribed directly by him for eligible shares issued to him in that next following year), and so on for succeeding years of assessment: | ||
Provided that this subsection shall not apply or have effect for any year of assessment subsequent to the year 1990-91. | ||
(2C) Relief shall be given to an individual for any year of assessment in the following order— | ||
(a) firstly, in respect of an amount carried forward from an earlier year of assessment in accordance with the provisions of subsection (2A) or (2B), and, in respect of such an amount so carried forward, for an earlier year of assessment in priority to a later year of assessment, and | ||
(b) then, and only then, in respect of any other amount for which relief is to be given in that year of assessment.”. |