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There are currently no known outstanding effects for the Finance Act 1996, Paragraph 7.
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7(1)Where—U.K.
(a)on the transfer or redemption of any relevant discounted security, a loss is sustained from the discount on that security, and
(b)if the person sustaining that loss had realised a profit from that discount on that transfer or redemption, the profit would have been an exempt profit for the year of assessment in which the loss is sustained,
relief shall not be given to that person under paragraph 2 above in respect of that loss except from income tax on income chargeable for that year under paragraph 1 above.
(2)No part of any loss to which sub-paragraph (1) above applies shall be carried forward under paragraph 6(6) above.
(3)The reference in sub-paragraph (1) above to an exempt profit for a year of assessment is a reference to any income for that year which—
(a)is eligible for relief from tax by virtue of section 505(1) of the Taxes Act 1988, or would be so eligible but for section 505(3) of that Act (charities); or
(b)is eligible for relief from tax by virtue of section 592(2), 608(2)(a), 613(4), 614(2), (3), (4) or (5), 620(6) or 643(2) of that Act (pension scheme funds etc.).
(4)Where a loss to which sub-paragraph (1) above applies is sustained in a case in which the profit mentioned in paragraph (b) of that sub-paragraph would be eligible for relief under section 592(2) of the Taxes Act 1988—
(a)relief shall be given under paragraph 2 above in accordance with sub-paragraph (1) above before any computation is made under paragraph 7 of Schedule 22 to that Act, and
(b)that paragraph 7 shall have effect, accordingly, so that the amount of income to which the specified percentage is applied by virtue of sub-paragraph (3)(a) of that paragraph is reduced by the amount of the relief.
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