Paragraph 7

United Kingdom

(1)

For the purposes of F1 paragraph 6 the “relevant assumptions” are—

(a)

that the vulnerable person is resident F2... in the United Kingdom throughout the tax year, and

(b)

that he has given a notice under subsection (2A) of section 16 of TCGA 1992 (computation of losses) in respect of each loss accruing to him in the tax year which by virtue of F3section 1E(2) of that Act would not be an allowable loss (but for the assumption in paragraph (a)).

(2)

But the relevant assumption in sub-paragraph (1)(a) does not apply for the purposes of F4section 1M of TCGA 1992 (temporary non-residents).

Annotations

Textual amendments

F1: Words in Sch. 1 para. 7(1) substituted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 20(4)
F2: Words in Sch. 1 para. 7(1)(a) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 21(3)
F3: Words in Sch. 1 para. 7(1)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 98(3)(a)
F4: Words in Sch. 1 para. 7(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 98(3)(b)