Marginal Citations
M1Source—1986 c. 53, Sch.12 Pt.II
Valid from 06/04/2005
7A(1)This paragraph applies if a calculation falls to be made under paragraph 7 above in a case where—
(a)relief is to be given under section 454 of ITTOIA 2005 (listed deeply discounted securities held since 26th March 2003: relief for losses) in respect of a loss sustained on the disposal of securities, and
(b)had there been a profit on the disposal it would have been eligible for relief from tax for the year of assessment in which the loss is sustained by virtue of section 592(2).
(2)That relief is to be given before the calculation under paragraph 7 above is made.
(3)Then the amount of income to which the specified percentage is applied by virtue of sub-paragraph (3)(a) of that paragraph is reduced by the amount of that relief.
(4)In this paragraph “disposal” has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005.