Finance Act, 2002

Amendment of section 838 (special portfolio investment accounts) of Principal Act.

50.—Section 838(4) of the Principal Act is amended by inserting the following after paragraph (b):

“(bb) Notwithstanding paragraph (b), where, at the time a special portfolio investment account is closed, a loss has not been relieved under that paragraph because of an insufficiency of relevant income or gains at that time, that loss shall for the purposes of section 31 be treated as an allowable loss accruing at that time to the individual in whose name the special portfolio investment account was held.”.