Taxes Consolidation Act 1997 Schedule 32 paragraph 15

Loss Relief, etc

Paragraph 15 of Schedule 32 ensures that the consolidation of earlier tax legislation into the Taxes Consolidation Act 1997 (TCA 1997) does not alter the rules governing how losses and related amounts are carried between pre-consolidation and post-consolidation periods.

• The replacement of earlier enactments by the TCA 1997 does not change the effect of any provision enacted before the TCA 1997 as it relates to loss relief and similar entitlements.
• Losses, expenditure, excess deficiencies over surpluses, or other amounts from a pre-TCA year of assessment or accounting period may still be used in a post-TCA period to the same extent as before.
• Equally, losses and similar amounts arising in a post-TCA period may be carried back to a pre-TCA period on the same basis as the earlier legislation allowed.
• The paragraph applies whether or not the TCA 1997 contains a provision corresponding to the earlier enactment in question.