Part I U.K. Capital gains tax and corporation tax on chargeable gains

Capital gains tax U.K.

[F1 4BDeduction of losses etc in most beneficial way U.K.

(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

F1 S. 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