PART 2THE TREATMENT OF PARTICIPANTS IN NON-REPORTING FUNDS
CHAPTER 5OFFSHORE INCOME GAINS AND THE COMPUTATION OF OFFSHORE INCOME GAINS
Losses42
1
If the effect of any computation under regulations 39 to 41 would be to produce a loss, the basic gain on the disposal is nil.
2
Paragraph (1) applies notwithstanding section 16 of TCGA 1992 M1 (losses determined in like manner as gains).
3
Accordingly, for the purposes of these Regulations, no loss is to be treated as arising on the disposal.