(a) In this section -
'investment limited partnership' means an investment limited partnership within the meaning of the Investment Limited Partnerships Act 1994.
'relevant losses' means, in relation to an investment limited partnership -
(i) any losses sustained by the investment limited partnership, being losses which would constitute an allowable loss in the hands of a person resident in the State including losses which would so constitute allowable losses if all assets concerned were chargeable assets and no exemption from capital gains tax applied, to the extent that such losses exceed any relevant gains, and
(ii) any losses or deficiencies sustained by the investment limited partnership, being losses or deficiencies which if they arose to an individual resident in the State would in the hands of the individual constitute losses for the purposes of income tax, to the extent that such losses or deficiencies exceed any relevant income,
as appropriate.
(b) For the purpose of this
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