Relief is available for a loss on a transaction, where, had a profit arisen, the income would have been chargeable under the provisions in the table below. (There are restrictions on the inclusion of certain provisions in the table.)
Tax arbitrage: calculation or recalculation of income etc following receipt notice
Note that there must have been a possibility of profit. For example, post-cessation expenses are not such a loss even though receipts would be chargeable under the post cessation provisions (see BIM90000 onwards). This is because simply paying an expense is not a transaction which can yield a profit.