This section has no associated Explanatory Notes
37(1)This paragraph applies if a person makes a loss in any transaction—U.K.
(a)which was of such a nature that, if any profits had arisen from it, the person would have been liable to income tax under Case VI of Schedule D for any tax year before the tax year 2005-06, and
(b)which did not fall within section 34, 35 or 36 of ICTA.
(2)So far as relief for the loss has not previously been given, the loss (or the unused part of it) is to be treated as a loss available for deduction in accordance with section 153.