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HMRC internal manual

Capital Gains Manual

Restrictions: anti-flooding rule: time limit for election

The time limit for an election under paragraph 4(8) Schedule 7A, whether or not it also includes a market value election, is the same as for a market value election under paragraph 5 Schedule 7A. See CG47724 and CG47725.

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.