| Commentary

21.4 Loss relief

| Commentary

21.4 Loss relief

A taxpayer’s allowable losses during a tax year are aggregated with the gains or losses arising from all his other chargeable disposals in the year to create either a net gain or a net loss1. If the result is a net loss, this may be carried forward and set off against chargeable gains of subsequent tax years2. In some cases, setting the whole of the carried forward loss against the chargeable gain of a subsequent year might reduce the gain to less than the value of the annual exemption of that year, resulting

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