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HMRC internal manual

Capital Gains Manual

Debts not debts on a security: subsequent creditor: losses

TCGA92/S251 (4)

A loss on a disposal of the debt will be allowable, unless

  • the person making the disposal is connected with the original creditor, and
  • the person making the disposal acquired the debt either directly from the original creditor, or as a result of a series of transactions between people who were all connected with the person making the disposal. For instructions on connected persons see CG14580+.