This draft legislation is about countering avoidance of Income Tax involving losses from miscellaneous transactions.
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The changes introduced by this measure denying loss relief where a miscellaneous loss, or miscellaneous income, arises as a result of relevant tax avoidance arrangements will have effect in relation to losses and income arising on and after 3 December 2014.
The change limiting the deduction of miscellaneous losses to miscellaneous income of the same type will have effect for the tax year 2015 to 2016 and subsequent years.
A Tax Information and Impact Note for this measure has been published at Income Tax: miscellaneous loss relief.