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HMRC internal manual

Venture Capital Schemes Manual

Share Loss Relief: individual and corporate claimants: corporate claimants: history: the move from ICTA88 to CTA10

Share Loss Relief for company claimants was introduced by Finance Act 1981 and the statute was consolidated into ICTA 1988, principally at sections 573, 575 and 576. The provisions in ICTA 1988, as amended, govern relief in respect of disposals in a company’s accounting period ending after 5 April 1988.

The provisions relating to company claimants remained in ICTA 1988 when the provisions for individual claimants were transferred to ITA 2007 as part of the Tax Law Rewrite project, though the ICTA provisions were amended at that time to make their language more consistent with that of ITA 2007.

The provisions relating to company claimants were then rewritten by the Tax Law Rewrite Project and transferred to CTA 2010. The provisions in CTA 2010 apply to claims to Share Loss Relief in respect of accounting periods ending on or after 1 April 2010.

The relevant statute in ICTA 1988 and CTA 2010 has been amended frequently by successive Finance Acts, and you should ensure when considering a claim to Share Loss Relief that you have identified the date the shares were issued (or are treated as having been issued) and the date of the disposal so that you can apply the conditions and requirements appropriate to those dates.