121 How relief works
Income Tax Act 2007 (2007 c 3) | Legislation

121  How relief works

(1)     This subsection explains how the deductions are to be made.

The amount of the applicable amount of the loss to be deducted at any step is limited in accordance with [sections 24A and 25(4) and (5)].

Step 1

Deduct the applicable amount of the loss in calculating the person's net income for the specified tax year.

Step

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