|
|
Right to carry forward losses to future years.
|
309.—(1) Where a person has in any trade or profession carried on by him, either solely or in partnership, sustained a loss (to be computed in like manner as profits or gains under the provisions of this Act applicable to Cases I and II of Schedule D) in respect of which relief has not been wholly given under section 307 or 308 or under any other provision of this Act, 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 or profession for any subsequent year 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 this Act.
|
|
| |
(2) Any relief under this section shall be given as far as possible from the first subsequent assessment, and so far as it cannot be so given then from the next assessment and so on.
|
|
| |
(3) 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 section 36, 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 section 34, 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.
|
