Section 1F — Taxation of Chargeable Gains Act 1992: Allowable losses to be used in most beneficial way etc

Allowable losses to be used in most beneficial way etc 1F 1 Allowable losses may (subject to express provision to the contrary) be deducted from gains in whichever way is most beneficial to a person chargeable to capital gains tax.

2 Accordingly, an allowable loss may be deducted from a chargeable gain irrespective of the rate of tax at which the gain would otherwise have been charged.

3 Allowable losses that are deducted from gains may not be deducted any further than is necessary to eliminate the gains.

4 No part of an allowable loss may be relieved under this Act more than once.

5 So far as an amount has been relieved under the Income Tax Acts, it may not be further relieved under this Act.