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HMRC internal manual

Capital Gains Manual

Schedule 7AA TCGA 1992: restrictions on capital losses: Life assurance company deemed annual disposal

TCGA92/SCH7AA/PARA7

Paragraph 7 Schedule 7AA contains a special rule concerning the application of the Sch to amounts that are spread forward to the gain period on the deemed annual disposal of certain holdings in unit trusts and offshore funds by companies carrying on life assurance business. Further details of this rule and of the restrictions on the carry back of losses on these deemed annual disposals can be found in the Life Assurance Manual.

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.