SCHEDULE 11 Chargeable Gains: Deduction of Personal Losses from Gains Treated as Accruing to Settlors
Finance Act 2002 (2002 c 23) | Legislation

SCHEDULE 11 Chargeable Gains: Deduction of Personal Losses from Gains Treated as Accruing to Settlors

Section 51

Introduction

1

The Taxation of Chargeable Gains Act 1992 (c 12) is amended in accordance with paragraphs 2 to 6.

Section 2

2

(1)     Section 2 (persons and gains chargeable to capital gains tax, and allowable losses) is amended as follows.

(2)     . . .

(3)     In paragraph (b) of that subsection, omit “77, 86,â€.

(4)     After that subsection insert—

“(6)     Allowable losses must (notwithstanding section 2A(6)) be deducted under paragraph (a)(i) of subsection (5) above before any may be deducted under paragraph (aa)(i) of that subsection.

(7)     Where in any year of assessment—

(a)     there are amounts treated as accruing to a person by virtue of

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