Income Tax Act 2007 section 79

Capital allowances restrictions: supplementary

Section 79 provides supplementary rules supporting the capital allowances restrictions in sections 75 to 78, explaining how relief is withdrawn and how terminology is to be interpreted.

• Where tax relief has been given in circumstances caught by the restrictions in section 75 or 76, that relief can be clawed back
• The mechanism for withdrawing the relief is an assessment to income tax made under this section
• Technical terms used in sections 75 to 78 carry the same meaning as they do in Part 2 of the Capital Allowances Act 2001
• This ensures consistent interpretation of capital allowances terminology across both the loss relief provisions and the capital allowances legislation