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Taxation of Chargeable Gains Act 1992, Cross Heading: Use of allowable losses against foreign gains remitted in later year is up to date with all changes known to be in force on or before 20 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Textual Amendments
F1Sch. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 13
2(1)This paragraph applies if—U.K.
(a)gains are treated as accruing to an individual in a tax year as a result of paragraph 1,
(b)the tax year is later than the one (“the actual year of accrual”) in which those gains actually accrued to the individual, and
(c)an election under section 16ZA (election for foreign losses to be allowable losses) has effect for both the tax year and the actual year of accrual.
(2)No allowable losses may be deducted under section 1 from the gains.
(3)This prohibition—
(a)applies regardless of whether or not the allowable losses accrue on disposals of foreign assets, but
(b)does not prevent the prior application of paragraph 3(3) in relation to the gains (which contains a rule for reducing the amount of the gains by reference to losses).]
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