Restrictions: capital losses: outline summary: pooled assets
The special rules for pooled assets do not affect the general rules for computing chargeable gains and allowable losses. The Schedule 7A provisions only apply where there is an allowable loss computed under the general capital gains rules independently of Schedule 7A. The sole function of the Schedule 7A regime is to determine what part, if any, of the allowable loss is a pre-entry loss subject to the rules restricting set-off against chargeable gains.
Note: Additional rules relating to loss buying were enacted in FA 2006. See CG47020+ for guidance on the rules which apply in priority to TCGA92/SCH7A for accounting periods ending on or after 5 December 2005.
FA11/S46 and FA11/SCH11 greatly simplified the rules in TCGA92/SCH7A for the deduction of losses on or after 19 July 2011. See CG47400+ for guidance on loss streaming from that date.