S261B Taxation of Chargeable Gains Act 1992 (TCGA 1992)

Relief for losses under S261B is calculated in four steps.

STEP 1: The trading loss

This is simply the amount of the trading loss comprised in the claim – this may originate from two different tax years, a claim for one tax year's loss under S64(2)(a) Income Tax Act (ITA 2007) and one for the loss arising in the following tax year under S64(2)(b) ITA 2007.

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