[F11FAllowable losses to be used in most beneficial way etcU.K.
(1)Allowable losses may (subject to express provision to the contrary) be deducted from gains in whichever way is most beneficial to a person chargeable to capital gains tax.
(2)Accordingly, an allowable loss may be deducted from a chargeable gain irrespective of the rate of tax at which the gain would otherwise have been charged.
(3)Allowable losses that are deducted from gains may not be deducted any further than is necessary to eliminate the gains.
(4)No part of an allowable loss may be relieved under this Act more than once.
(5)So far as an amount has been relieved under the Income Tax Acts, it may not be further relieved under this Act.]
Textual Amendments
F1Pt. 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. 2