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Introduction

Losses accruing are usually not allowable, and hence may not be deducted from chargeable gains, unless they have been claimed in a quantified amount, see CG15800.

TCGA92/S16(2A) states a capital loss will be allowable only if it is notified within the normal time limit for claims see Section 43(1) TMA70. Exceptionally, a loss may be allowable if it is the subject of a competent claim, such as relief for loans to traders (TCGA92/s253), where by virtue of that claim the loss is specified to be an allowable loss.

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