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TCGA92/S261B

Section 261B TCGA92 extends relief for losses incurred by a person in carrying on a trade, profession, vocation or employment to include a set-off against chargeable gains as an allowable CGT loss.

For further guidance, including the effect of an event leading to a reduction of the amount chargeable to Capital Gains Tax occurring after the deemed allowable loss has become final, see BIM75420 onwards.

»Ê¹ÚÌåÓýapp amount treated as an allowable loss is limited to the lower of

• the amount of the loss claimed against general income which cannot be deducted in calculating the person’s net income for the year. (See Sections 71 and 130 ITA07), or
• the net amount of the person's chargeable gains for the year disregarding the annual exempt amount see Section 261C.