865. Restrictions on buying losses.

A complication set of restrictions are imposed on buying losses1 where there has been at any time a qualifying change of ownership2. The restriction applies to losses arising to a relevant company3 on the disposal of a pre-change asset4 where the change of ownership occurs directly or indirectly in consequence of, or otherwise in connection with, any arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage and the advantage involves the deduction of a qualifying loss from any chargeable gains