(1) In section IQ 7(1),—
(a) in paragraph (a), “section ID 2(2) (Pre-consolidation losses: general treatment)” is replaced by “section IQ 6”:
“section ID 2(2) (Pre-consolidation losses: general treatment)”
“section IQ 6”
(b) in paragraph (b), “the earlier tax year” is replaced by “the earlier tax year in which the net loss arose”.
“the earlier tax year”
“the earlier tax year in which the net loss arose”
(2) In section IQ 7(2)—
(a) in paragraph (a),—
(i) “ring-fenced tax loss” is replaced by “ring-fenced tax loss referred to in subsection (1)”:
“ring-fenced tax loss”
“ring-fenced tax loss referred to in subsection (1)”
(ii) “sections IA 3 to IA 5 (which relate to the general use of tax losses), and” is omitted:
“sections IA 3 to IA 5 (which relate to the general use of tax losses), and”
(b) in paragraph (b),—
(ii) “section IC 5, and” is omitted.
“section IC 5, and”
(3) Subsections (1) and (2) apply for the 2008–09 and later income years.