Part 10General provisions
Chapter 2General calculation rules etc.
Calculation of losses
872Losses calculated on same basis as miscellaneous income
1
The same rules apply for income tax purposes in calculating miscellaneous losses as apply in calculating corresponding miscellaneous income.
2
This is subject to any express provision to the contrary.
3
In this section—
a
“miscellaneous income” means profits or other income charged to income tax under or by virtue of a provision to which F1section 1016 of ITA 2007 applies, and
b
“miscellaneous losses” means losses arising from a transaction which is of such a nature that, if profits or other income had arisen from it, the income would have been charged to income tax under or by virtue of such a provision.
4
Provision corresponding to that made by this section is made by—
a
section 26 (in relation to trades, professions and vocations), and
b
F2sections 272 and 272ZA (in relation to property businesses).