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
3(1)This paragraph applies in the case of an individual for a tax year if—U.K.
(a)the remittance basis applies to the individual for the tax year, and
(b)an election under section 16ZA has effect for the tax year.
(2)Allowable losses accruing to the individual must be matched to chargeable gains accruing to the individual in accordance with paragraph 4.
(3)If allowable losses are matched to chargeable gains accruing on disposals of foreign assets—
(a)which actually accrue in the tax year, but
(b)which are, as a result of paragraph 1, treated as not accruing in the tax year,
the amount of those gains is reduced by the matched amount (and the allowable losses are reduced accordingly).
(4)So far as allowable losses are matched to other chargeable gains, they are deducted from chargeable gains accruing to the individual in the tax year.
(5)This is subject to—
(a)paragraph 2 (no use of allowable losses against foreign gains remitted in later year), and
(b)section 1E(4) (prohibition of deduction of losses from gains treated as accruing under section 87, 87K, 87L or 89(2)).]