A loss may arise on a ‘relevant transaction’, which is one whose tax charge, were it a profit, is listed at ITA 2007, s. 1016. These provisions are also listed at BIM 100190.

The most commonly seen items are:

post-cessation trade or property receipts;

gains on life assurance policies;

royalties and other income from intellectual property;

sales of patent rights;

miscellaneous income not otherwise taxed (the old Schedule D VI income);

accrued income profits;

income taxed under anti-avoidance provisions, such as transfers of assets abroad or transactions in land; and

offshore income gains from funds without reporting status.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.