Losses from miscellaneous transactions

E1.588 General

A person may make a claim for loss relief if in any tax year he sustains a loss in a 'relevant transaction'1. A relevant transaction is one from which a profit or other income would be assessable under a provision to which ITA 2007, s 1016 applies2. The provision under which the charge would arise is the 'relevant provision'.

Relief for the loss may be given only against the amount of any miscellaneous income arising from any other transaction falling within the relevant provision of ITA 2007, s 1016 ('relevant miscellaneous income') in respect of which he is assessable for the same tax year3. The application of the rules relating to loss relief against miscellaneous income apply equally to transactions in deposit rights4.

Any unrelieved balance of the loss is carried forward and set off against the amount

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