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HMRC internal manual

Capital Gains Manual

Schedule 7AA TCGA 1992: restrictions on capital losses: adjustment of pre-entry gains


The figure of adjusted pre-entry gains is the aggregate of all pre-entry gains after each gain has been reduced by available qualifying losses. The same amount of qualifying loss may only be set against one pre-entry gain and nothing in Schedule 7AA removes the restrictions on the set off of losses in TCGA92/S18(3) (losses on disposals to connected persons) or TCGA92/SCH7A/PARA7 (pre-entry losses).

Note: New rules relating to gain buying were enacted in FA 2006. See CG47320+ for guidance on the rules which apply for accounting periods ending on or after 5 December 2005.