SCHEDULES

SCHEDULE 2Transitionals and savings

Part 5Losses (except losses on disposal of shares)

Loss relief against miscellaneous income: Case VI losses

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1

This paragraph applies if a person makes a loss in any transaction—

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.