Part 4 U.K. Savings and investment income

Chapter 12 U.K. Disposals of futures and options involving guaranteed returns

Losses U.K.

567 Losses U.K.

(1) This section applies if—

(a) losses are made by a person from a disposal, and

(b) had profits or gains arisen to the person from the disposal, they would be chargeable under this Chapter.

(2) The losses are not to be brought into account for income tax purposes, except where section 392 of ICTA (losses from miscellaneous transactions) applies.

(3) For the purposes of that section, the losses are taken to be made at the time when the disposal occurs.

(4) For the treatment of the losses for capital gains tax purposes, and how TCGA 1992 applies where a profit arises or a loss is made from a deemed disposal under section 564(4), see sections 148A to 148C of that Act.