TTM08020 - Chargeable gains: Outline
Capital losses
Capital losses brought forward into tonnage tax
A tonnage tax election does not affect the treatment of allowable losses that arose before entry into tonnage tax. A tonnage tax company may therefore set off the full amount of any capital losses arising before it became a tonnage tax company against chargeable gains arising whilst it is a tonnage tax company.
Capital losses arising to tonnage tax company
As the normal chargeable gains rules apply unless expressly amended by the tonnage tax rules, a tonnage tax company may also utilise or carry forward any capital losses arising during the regime, including:
- Losses arising on the disposal of tonnage tax assets, calculated as described in TTM08200.
- Losses arising on the disposal of non-tonnage tax assets, calculated using the normal chargeable gains rules.
References
FA00/SCH22/PARA66 (losses brought forward) |
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Pre-tonnage tax trading losses |