22 Miscellaneous loss relief
Finance Act 2015 (2015 c 11) | Legislation

22  Miscellaneous loss relief

(1)     Chapter 7 of Part 4 of ITA 2007 (losses from miscellaneous transactions) is amended as follows.

(2)     In section 152 (losses from miscellaneous transactions)—

(a)     for subsection (1) substitute—

“(1)     If in a tax year (“the loss-making year”) a person makes a loss in a relevant transaction, the person may make a claim for loss relief against relevant miscellaneous income.”;

(b)     in subsection (2)(a), for “section 1016 income” substitute “income on which income tax is charged under, or by virtue of, a relevant section 1016 provision (“the relevant provision”)”;

(c)     after subsection (2) insert—

“(2A)     A relevant section 1016 provision” means a provision to which section 1016 applies, other than—

(a)     regulation 17 of the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001) (treatment of participants in non-reporting funds: charge to tax on disposal of asset), or

(b)     Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc).”;

(d)     in subsection

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