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HMRC internal manual

Capital Gains Manual

Assets held on 6/4/65: restriction of losses

TCGA92/SCH2/PARA17 (2)Where, by reference to market value at 6 April 1965 a loss accrues

  • the allowable loss should be restricted to the actual loss over the whole period of ownership (if this is the lesser loss), and
  • no loss should be allowed if, over the whole period of ownership, a gain accrues.The gain or loss over the whole period of ownership is after taking any indexation allowance into account, see CG17200+.