Commentary

C1.502 Relief for allowable CGT losses

Capital gains tax
Capital gains tax | Commentary

C1.502 Relief for allowable CGT losses

Capital gains tax | Commentary

C1.502 Relief for allowable CGT losses

Relief is given for allowable losses (other than ATED-related losses of companies before 6 April 2019, as to which see below) by deducting them from chargeable gains accruing to the person concerned for the same tax year, or in the case of a split year for individuals (see E6.124A), the UK part of that year1, or accounting period in the case of companies2 (see D1.901, D1.925). In the case of a split year for individuals, for disposals on or after 6 April 2015 and before 6 April 2019, and for disposals of UK land by non-residents after 5 April 2019, the losses which may be deducted from the UK part of the year include unused losses realised on such disposals made on or after 6 April 2015 or 6 April 2019 respectively (the NRCGT rules, see C2.1130 and C2.1139) and which accrued in the overseas part of the year concerned3. To the extent that current year gains are exceeded by current year losses, so that the taxpayer generates a net loss for the current year, the unused net loss, including any allowable losses (other than group losses) realised on UK residential property falling within the 'non-resident CGT' (NRCGT) regime that applies for disposals made on or after 6 April 2015 and before 6 April 2019 (see C2.1130) is carried forward to the next tax year4 or accounting period5 and may be set against gains arising in the later years. The legislation places no time

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