Paragraph 3

After section 4A (as substituted by paragraph 2) insert—

“Deduction of losses etc in most beneficial way

4B

(1)

This section applies if the gains accruing to a person in a tax year are (apart from this section) chargeable to capital gains tax at different rates.

(2)

Allowable losses may be deducted from those gains, and the exempt amount under section 3 may be used in respect of those gains, in such way as is most beneficial to that person.

(3)

Subsection (2) is subject to any enactment which contains a limitation on the gains from which allowable losses may be deducted.”