{
  "url": "https://openlegislation.uk/finance-act-1995/section-113",
  "json_url": "https://openlegislation.uk/finance-act-1995/section-113.json",
  "legislation": "ukpga/1995/4",
  "legislation_title": "Finance Act 1995",
  "legislation_url": "https://openlegislation.uk/finance-act-1995",
  "path": "section/113",
  "kind": "section",
  "number": "113",
  "heading": "Allowable losses: capital gains tax.",
  "text": "(1) After subsection (2) of section 16 of the Taxation of Chargeable Gains Act 1992 (computation of losses) there shall be inserted the following subsection—\n“(2A) A loss accruing to a person in a year of assessment shall not be an allowable loss for the purposes of this Act unless, in relation to that year, he gives a notice to an officer of the Board quantifying the amount of that loss; and sections 42 and 43 of the Management Act shall apply in relation to such a notice as if it were a claim for relief.”\n(2) Deductions under that Act in respect of allowable losses shall be given preference as follows—\n(a) a deduction in respect of a loss accruing to a person in the year 1996-97 or a subsequent year of assessment shall be preferred to a deduction in respect of a loss accruing to him in an earlier year of assessment; and\n(b) a deduction in respect of a loss accruing to a company in an accounting period ending on or after the appointed day for the purposes of Chapter III of Part IV of the Finance Act 1994 shall be preferred to a deduction in respect of a loss accruing to the company in an accounting period ending before that day.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "M",
      "label": "M1",
      "text": "1992 c. 12."
    },
    {
      "type": "M",
      "label": "M2",
      "text": "1994 c. 9."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 113(2) excluded (27.7.1999) by 1992 c. 12, s. 71(2C) (as substituted (27.7.1999) by 1999 c. 16, s. 75(1))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1995/4/section/113",
    "retrieved_at": "2026-10-29T09:33:25.980862+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}