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Income Tax (Earnings and Pensions) Act 2003

Paragraph 217

3638.This paragraph inserts a new section 263ZA (former employees: employment-related liabilities) into TCGA 1992. It derives from section 92(6) to (8) of FA 1995.

3639.Subsections (1) to (3) of the new section 263ZA provide that if a former employee is entitled to deduct an amount under section 555 of the Act (former employee entitled to deduction from total income) but has insufficient total income to absorb the amount deductible, then the excess may be treated as an allowable loss for the purposes of capital gains tax.

3640.Subsections (4) and (5) set a limit to the amount that can be so deducted.

3641.Subsection (6) introduces a small administrative change. It enables a single claim to cover relief against both total income and capital gains. See Change 182 in Annex 1.

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