Paragraph 7

For section 4B (deduction of losses etc in most beneficial way) substitute—

“Deduction of losses etc in most beneficial way

4B

(1)

Where it is necessary to determine—

(a)

from which chargeable gains an allowable loss accruing to a person is to be deducted, or

(b)

which allowable losses are to be deducted from any chargeable gains accruing to a person,

(including in a case falling within subsection (2)), the losses concerned may be used in whichever way is most beneficial to that person.

(2)

Where the gains accruing to a person in a tax year are (apart from this section) chargeable to capital gains tax at different rates, the exempt amount under section 3 may be used in respect of those gains in whichever way is most beneficial to that person.

(3)

This section is subject to any enactment which contains a limitation on the gains from which allowable losses may be deducted.”