(1)Where it is necessary to determine—
(a)from which chargeable gains an allowable loss accruing to a person is to be deducted, or
(b)which allowable losses are to be deducted from any chargeable gains accruing to a person,
(including in a case falling within subsection (2)), the losses concerned may be used in whichever way is most beneficial to that person.
(2)Where the gains accruing to a person in a tax year are (apart from this section) chargeable to capital gains tax at different rates, the exempt amount under section 3 may be used in respect of those gains in whichever way is most beneficial to that person.
(3)This section is subject to any enactment which contains a limitation on the gains from which allowable losses may be deducted.]
Textual Amendments
F1S. 4B substituted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 7