C1Part 7Community investment tax relief
Chapter 1Introduction
CITR
335AF1Carry forward of CITR
1
This section applies if—
a
the investor is entitled to a tax reduction for a relevant tax year under section 335 in respect of the investment, but
b
the amount of the tax reduction is not fully deducted at Step 6 for that relevant tax year.
2
The amount (“the excess amount”) not deducted is treated as follows.
3
For each subsequent relevant tax year for which the investor—
a
is entitled to a tax reduction under section 335 in respect of the investment, and
b
makes a claim under this subsection,
the investor is also entitled to a tax reduction under this subsection which is given effect at Step 6.
4
The amount of the tax reduction under subsection (3) for any relevant tax year is the excess amount so far as it has not been deducted at Step 6 for any earlier relevant tax year by virtue of that subsection.
5
In this section “Step 6” means Step 6 of the calculation in section 23.
Pt. 7 modified by 2005 c. 7, s. 54A (as inserted (10.7.2008) by The Alternative Finance Arrangements (Community Investment Tax Relief) Order 2008 (S.I. 2008/1821), arts. 1, 2)