23. Amendment of Part 12 (principal provisions relating to loss relief, treatment of certain losses and capital allowances, and group relief) of Principal Act.

(1) Part 12 of the Principal Act is amended by inserting the following after Chapter 4:

"Chapter 4A Limits on certain losses 

Interpretation and general (Chapter 4A).

409F.

(1) This Chapter applies notwithstanding any other provision of the Tax Acts.

(2) In this Chapter -

'active partner' has the same meaning as in section 409A;

'active trader' has the same meaning as in section 409D;

'area-based capital allowance' means any allowance made under Chapter 1 of Part 9 as that Chapter is applied -

(a) by section 323, 331, 332, 341, 342, 343, 344, 352, 353, 372C, 372D, 372M, 372N, 372V, 372W, 372AC or 372AD for a chargeable period, or

(b) by virtue of paragraph 11 of Schedule 32 for a chargeable period,

including any such allowance made for a previous chargeable period and carried forward from that previous chargeable period in accordance with Part 9;

'balancing allowance' means any allowance made under section 274;

'capital allowance' means any allowance, or part of any allowance, specifi

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