Related Commentary  Related CasesRelated HMRC Manuals

152(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.

152(2)  A transaction is a relevant one if, assuming there were profits or other income arising from it–

(a)those profits or that other income would be income on which income tax is charged under, or by virtue of, a relevant section 1016 provision (“the relevant provision”), and

(b)the person would be liable for income tax charged on those profits or that other income.

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