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Finance Act 1996
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26In section 393A of the Taxes Act 1988 (losses: set-off against profits of the same or an earlier accounting period)—
(a)in subsection (3)(b) (no relief unless trade was on commercial basis and with a view to the realisation of gain) for “it is shown that for” there shall be substituted “for”; and
(b)in subsection (4), for paragraph (a) (conclusive evidence that a trade was carried on with a view to the realisation of gain) there shall be substituted—
“(a)where at any time a trade is carried on so as to afford a reasonable expectation of gain, it shall be treated as being carried on at that time with a view to the realisation of gain; and”.
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