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Regulation 7 Interpretation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

For the purposes of any computation required to be made for the purposes of regulation 10 or 11 below, an amount which is a gain shall be taken to be a positive figure and an amount which is a loss shall be taken to be a negative figure, but for the purposes of regulations 12 and 13 all amounts shall be taken to be positive.

(2)

In this Part—

  • “attributed gain”, in relation to any asset or liability, means a gain which is attributed to the asset or liability under regulation 8(3) or 9(2) below;

  • “attributed loss”, in relation to any asset or liability, means a loss which is attributed to the asset or liability under regulation 8(3) or 9(2) below;

  • “current period” has the meaning given by regulation 10 below;

  • “the cumulative gain” has the meaning given by regulation 10 below;

  • “the cumulative loss” has the meaning given by regulation 10 below;

  • “the cumulative taxed gain” has the meaning given by regulation 11 below;

  • “the cumulative taxed loss” has the meaning given by regulation 11 below;

and any reference to exempt circumstances shall be construed as if it were contained in paragraph 2 of Schedule 15 to the 1993 Act.