Finance Act 2015

17 (1) Section 62 (death: general provisions) is amended as follows.

(2) In subsection (2A), for the words from “are gains” to the end substitute “are—

(a) gains that are treated as accruing by virtue of section 87 or 89(2) (read, where appropriate, with section 10A), or

(b) NRCGT gains (see section 57B and Schedule 4ZZB).”

(3) After subsection (2A) insert—

“(2AA) Where allowable NRCGT losses (see section 57B and Schedule 4ZZB) are sustained by an individual in the year of assessment in which the individual dies, the losses may, so far as they cannot be deducted from chargeable gains accruing to the individual in that year, be deducted from any gains such as are mentioned in subsection (2A)(b) that accrued to the deceased in the 3 years of assessment preceding the year of assessment in which the death occurs, taking chargeable gains accruing in a later year before those accruing in an earlier year.”