Policy paper

Draft legislation: Income Tax - miscellaneous loss relief

This draft legislation is about countering avoidance of Income Tax involving losses from miscellaneous transactions.

• From: HM Revenue & Customs
• Published: 3 December 2014

Documents

Draft legislation: Income Tax - miscellaneous loss relief

PDF, 134 KB, 2 pages

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Explanatory note: Income Tax - miscellaneous loss relief

PDF, 79.9 KB, 2 pages

Details

The changes introduced by this measure denying loss relief where a miscellaneous loss, or miscellaneous income, arises as a result of relevant tax avoidance arrangements will have effect in relation to losses and income arising on and after 3 December 2014.

The change limiting the deduction of miscellaneous losses to miscellaneous income of the same type will have effect for the tax year 2015 to 2016 and subsequent years.

A Tax Information and Impact Note for this measure has been published at Income Tax: miscellaneous loss relief.

Published 3 December 2014