Section 154 Transactions in deposit rights

United Kingdom

(1)

This section applies if—

(a)

a person makes a loss from the disposal or exercise of a right to receive an amount,

(b)

the disposal or exercise is a transaction in a deposit under Chapter 11 of Part 4 of ITTOIA 2005 (see subsection (2)), and

(c)

the person's total income for a tax year includes interest payable on the amount.

(2)

The disposal or exercise is a transaction in a deposit under Chapter 11 of Part 4 of ITTOIA 2005 if, assuming there were a profit or gain from it, the profit or gain would be charged to tax under that Chapter.

(3)

For the purposes of the giving of loss relief against F1relevant miscellaneous income for the loss mentioned in subsection (1)(a), the interest mentioned in subsection (1)(c) is treated as F2relevant miscellaneous income, for the tax year, in relation to the loss.

Annotations

Textual amendments

F1: Word in s. 154(3) inserted (with effect and application in accordance with s. 22(8) of the amending Act) by Finance Act 2015 (c. 11), s. 22(4)(a)
F2: Words in s. 154(3) substituted (with effect and application in accordance with s. 22(8) of the amending Act) by Finance Act 2015 (c. 11), s. 22(4)(b)