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HMRC internal manual

Capital Gains Manual

Arrival in and departure from UK: temporary non-residence: losses attributed to participators in non-resident companies - year of departure 2012-13 or earlier

Losses on the disposal of an asset by a non-resident company are only attributed to a participator under TCGA92/S13 in certain circumstances, TCGA92/S13(8). A loss is attributed only if it will be set off against a gain attributed to the same person from the same company in the same year of assessment or against a gain made by another non-resident company which has been attributed to the taxpayer in the same year of assessment, see CG57250+, in particular, CG57295-CG57299.

TCGA92/S10A can apply to losses which are attributed to a UK resident participator under section 13 just as it applies to attributed gains, so that the losses are treated as accruing in the year the individual returns to the UK. However, the restriction to the attribution contained in TCGA92/S13(8) has a parallel at TCGA92/S10A(6), which restricts the amount of losses within the scope of section 10A to the amount which would be available under section 13, subsection (8) to set against attributed gains. Losses of a year in excess of the gains attributed in that year are not within the scope of section 10A.