309U.K.After section 125 insert—
“Share loss reliefU.K.
125AEffect of share loss relief
(1)If loss relief under section 573 of the Taxes Act or Chapter 6 of Part 4 of ITA 2007 (“share loss relief”) is obtained in respect of a loss or any part of a loss, no deduction is to be made in respect of the loss or (as the case may be) the part under this Act.
(2)If a claim is made for share loss relief in respect of a loss accruing on the disposal of shares, section 30 has effect in relation to the disposal as if for the references in subsections (1)(b) and (5) to a tax-free benefit there were substituted references to any benefit whether tax-free or not.
(3)All such adjustments of corporation tax on chargeable gains or capital gains tax are to be made, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of—
(a)share loss relief being obtained in respect of an allowable loss, or
(b)such relief not being obtained in respect of the whole or part of such a loss in respect of which a claim is made.”