Part 22 of the Principal Act is amended -

(a) in section 644A by inserting the following after subsection (5):

"(6) This section shall not apply to profits or gains arising to a person in the year of assessment 2009 or in any subsequent year of assessment.",

and

(b) by inserting the following after section 644A:

"644AA. Treatment of losses from dealing in residential development land.

(1) In this section-

'adjusted income' for a tax year means a person’s income from all sources for the tax year after taking into account any allowance, charge, deduction or loss attributable to a specific source to which the person is entitled in taxing the income from the source or which is required to be made in taxing the person's income from the source, but without taking into account any allowance, charge, deduction or loss to which the person is entitled, or which is required to be made, in taxing the person’s income from all sources;

'adjusted profits or gains' in relation to a trade for a tax year means the amount, if any, of the profits or gains from the trade after taking into account any allowance, charge, deduction or loss to which a person is entitled in taxing the trade or which is required to be made in taxing the trade, and references to the adjusted profits or gains from the combined trade or from the non-specified trade shall be construed accordingly;

'combined trade' means a trade comprising partly of a specified trade and partly of a non-specified trade;