Section 16ZD — Finance Act 2008: Section 16ZC: supplementary

Section 16ZC: supplementary 16ZD 1 This section applies if section 16ZC applies to an individual for a tax year.

2 Any allowable loss deducted under step 1 of section 16ZC(2) is to be regarded (for the purposes of section 2(2)(b)) as allowed as a deduction from chargeable gains accruing to the individual in the tax year.

3 If a deduction is made under step 1 of section 16ZC(2) from a foreign chargeable gain within section 16ZC(3)(b), the amount of the foreign chargeable gain is reduced by the amount deducted.