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HMRC internal manual

Capital Gains Manual

Losses: quantification of loss accruing in pre-SA years

For years before the introduction of Self Assessment there is no statutory mechanism for agreeing or litigating the amount of capital losses in the absence of gains for them to be set against, except for cases falling within TCGA92/S253, see CG15830 and CG65900+. A taxpayer cannot have the quantum of a loss brought before the First tier Tribunal until such time as a gain arises against which the loss can be set. This statutory position was endorsed in the tax case Tod v South Essex Motors (Basildon) Ltd 60TC598.

For the position under Self Assessment see CG15813 - individuals and others chargeable to Capital Gains Tax or CG40235 - companies within the charge to Corporation Tax.