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HMRC internal manual

Capital Gains Manual

Losses: loans to traders: date of allowable loss: ESC D36 SP3 83

ESC/D36 & SP3/83ESC/D36 was introduced on, and took effect from, 6 December 1990. It replaced an earlier, SP3/83, on the subject. In strictness, for any claim made before 6 April 1996, the loss under Section 253 (3) arose at the date of the claim. Under ESC/D36 you could accept that any such loss should be treated as arising in an earlier year of assessment (or accounting period, in the case of a company) provided that

  • the claim was made not later than two years after the end of that year of assessment (or accounting period), and
  • all the conditions for the relief were satisfied at the date of the claim, and
  • the relief would have been available at the end of the year of assessment (or accounting period) for which the relief was claimed.