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HMRC internal manual

Capital Gains Manual

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Deferred consideration: unascertainable: election for treatment of loss - information to be provided in the notice of election

TCGA92/S279D

A notice of election under TCGA92/S279A must provide certain specified information relating to the relevant loss, the right to unascertainable consideration in question, and the original asset or assets in respect of which the right was conferred. The information required is as follows:

  1. the amount of the relevant loss;
  2. the right disposed of;
  3. the year of the right’s disposal;
  4. the year of the loss (if different from the year of the right’s disposal);
  5. the year in which the right was acquired;
  6. the original asset or assets.

The notice must also specify each of the following-

  1. the eligible year in which the relevant loss is to be treated as accruing to the taxpayer;
  2. the first year limit;
  3. how much of the relevant loss falls to be deducted in accordance with TCGA92/S2(2)(a) from chargeable gains accruing to the taxpayer in that year.

If any part of the relevant loss falls to be deducted in accordance with TCGA92/S2(2)(b) from chargeable gains accruing to the taxpayer in any later eligible year, the notice must also specify -

  1. each such year;
  2. in the case of each such year, the later year limit
  3. how much of the relevant loss falls to be deducted in accordance with TCGA92/S2(2)(b) in each such year from chargeable gains accruing to the taxpayer in that year.