(a) losses are made by a person from a disposal, and
(b) had profits or gains arisen to the person from the disposal, they would be chargeable under this Chapter.
(2) The losses are not to be brought into account for income tax purposes, except where section 392 of ICTA (losses from miscellaneous transactions) applies.
(3) For the purposes of that section, the losses are taken to be made at the time when the disposal occurs.
(4) For the treatment of the losses for capital gains tax purposes, and how TCGA 1992 applies where a profit arises or a loss is made from a deemed disposal under section 564(4), see sections 148A to 148C of that Act.
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Income Tax Allowances, Deductions & Reliefs92Company Law & Business Entities92Savings & Investment Income92Trusts & Trustees99Equity & Trusts99Companies & Corporate Bodies92Income Tax99Trading Income92Administration & Collection of Income Tax99Tax Law99Personal Taxes92