Certain restrictions apply on tax relief for artificial losses incurred from 21 October 2009 (but see below for commencement provisions) (ITA 2007, s. 74ZA). On that date, the Government published draft legislation, together with explanatory notes and other guidance material. According to that guidance, ‘this measure targets those who enter into arrangements for the purpose of obtaining a reduction in tax liability by means of sideways loss relief. It does not impact on loss-makers who have not entered into avoidance arrangements’.

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