(1) Where in a year of assessment an individual -

(a) makes a qualifying investment or has an amount of relief carried forward under this section in excess of -

(i)€140,000 in respect of which relief is available under section 507, or

(ii) the limits set out in section 502(3) in any other case, or

(b) has insufficient total income against which to offset the deductions available under section 502 or section 507, as the case may be,

then the individual may claim to have the amount which was not offset against his or her total income in that year carried forward and, in so far as may be, deducted from his or her total income in subsequent years of assessment.

(2) In a year of assessment, relief shall be given to an individual in the following order: