Taxation of Chargeable Gains Act 1992 (c. 12)

Part IV U.K. Shares, securities, options etc.

Modifications etc. (not altering text)

C1 Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)

Chapter I U.K. General

[F1 Share loss relief U.K.

Textual Amendments

F1 S. 125A and cross-heading inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 309 (with Sch. 2)

125A Effect of share loss relief U.K.

(1) If loss relief under F2 ... Chapter 6 of Part 4 of ITA 2007 [F3 or Chapter 5 of Part 4 of CTA 2010] (“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.]

Textual Amendments

F2 Words in s. 125A(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 233(a), Sch. 3 Pt. 1 (with Sch. 2)

F3 Words in s. 125A(1) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 233(b) (with Sch. 2)