Restrictions on setting off capital losses: privatisations
The provisions of paragraph 11 Schedule 7A apply where a statutory scheme transfers assets and liabilities to any person from a statutory public sector body, a subsidiary of such a body, or a company wholly owned by the Crown, paragraph 11(1), (4) and (5) Schedule 7A.
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.