263-550 Total denial of relief for ‘tax-generated losses’
The rules described in this paragraph were repealed in Finance Act 2010, but backdated so that the repeal was effective from 21 October 2009. They have been replaced by provisions that have a wider impact, as discussed in full at ¶261-350.
As explained at ¶263-530, rules were introduced in 2008 to restrict the amount of losses that individuals may offset against other income or gains in certain circumstances. The rules applied broadly from March 2008, but see below for a full discussion of the commencement provisions. See ¶263-540 for additional rules that cap the amount of loss relief in certain circumstances.