SCHEDULES

SCHEDULE 11Pre-entry losses

TCGA 1992

5

1

Paragraph 6 (restrictions on the deduction of pre-entry losses) is amended as follows.

2

In sub-paragraph (2)—

a

omit paragraph (a) (and the “and” after it), and

b

in paragraph (b), omit “in any other case”.

3

In sub-paragraph (3)—

a

omit paragraph (a) (and the “and” after it), and

b

in paragraph (b), omit “in the case of an election under sub-paragraph (2)(b) above,”.