|
|
Relief in respect of certain losses.
|
14.—(1) Where a person has in any trade, profession or vocation carried on by him, either solely or in partnership, sustained a loss (to be computed in like manner as profits or gains under the Rules applicable to Cases I and II of Schedule D) in respect of which relief has not been wholly given under section 34 of the Income Tax Act, 1918 (which relates to relief in respect of certain losses), or under Rule 13 of the Rules applicable to Cases I and II of Schedule D (which provides for the setting-off of losses against profits or gains in a distinct trade) or under any other provision of the Income Tax Acts, he may claim that any portion of the loss for which relief has not been so given shall be carried forward and, as far as may be, deducted from or set-off against the amount of profits or gains on which he is assessed under Schedule D in respect of that trade, profession or vocation for the six following years of assessment, save that if and in so far as relief in respect of any loss has been given to any person under this section that person shall not be entitled to claim relief in respect of that loss under any other provision of the Income Tax Acts.
|
|
| |
(2) In the application of this section to a loss sustained by a partner in a partnership, the expression “the amount of profits or gains on which he is assessed” shall, in respect of any year, be taken to mean such portion of the amount on which the partnership is assessed under Schedule D in respect of the trade, profession, or vocation as he would be required under the Income Tax Acts to include in a return of his total income for that year.
|
|
| |
(3) Any relief under this section shall be given as far as possible from the first subsequent assessment for any year within the said six following years, and so far as it cannot be so given then from the next such assessment and so on.
|
|
| |
(4) Where a loss is sustained—
|
|
| |
(a) by a person in the occupation of woodlands, who, if he had made a profit, would, by reason of his election under Rule 7 of the Rules applicable to Schedule B, have been chargeable for the succeeding year to tax under Schedule D computed on the amount of that profit, or
|
|
| |
(b) by a person in the occupation of lands who, if he had made a profit, would, in consequence of his election under Rule 5 of the Rules applicable to Schedule B, have been chargeable for the succeeding year to tax under Schedule D computed on the amount of that profit;
|
|
| |
this section shall apply so as to give relief in respect of that loss in the same manner and to the same extent as if it were a loss sustained in a trade:
|
|
| |
Provided that, if for any year after the year in which the loss is sustained the person who suffered the loss is assessed under Schedule B in respect of the occupation of the lands in question no such deduction or set-off as aforesaid shall in respect of that loss be allowed for that or any succeeding year.
|
|
| |
(5) The provisions of this section shall extend so as to apply to a loss sustained in the year ending on the 5th day of April, 1930, or, where it has been customary to make up accounts of the trade, profession or vocation, in the year which under the next following section of this Act would be taken to be the year preceding the year ending on the 5th day of April, 1931.
|
