Part 4

Loss relief
Chapter 7

Losses from miscellaneous transactions

Deposit rights

Transactions in deposit rights
154
1
This section applies if—
a
a person makes a loss from the disposal or exercise of a right to receive an amount,
b
the disposal or exercise is a transaction in a deposit under Chapter 11 of Part 4 of ITTOIA 2005 (see subsection (2)), and
c
the person's total income for a tax year includes interest payable on the amount.
2
The disposal or exercise is a transaction in a deposit under Chapter 11 of Part 4 of ITTOIA 2005 if, assuming there were a profit or gain from it, the profit or gain would be charged to tax under that Chapter.
3
For the purposes of the giving of loss relief against relevant miscellaneous income for the loss mentioned in subsection (1)(a), the interest mentioned in subsection (1)(c) is treated as relevant miscellaneous income, for the tax year, in relation to the loss.
Words in s. 154(3) substituted (with effect and application in accordance with s. 22(8) of the amending Act) by Finance Act 2015 (c. 11), s. 22(4)(b)
Word in s. 154(3) inserted (with effect and application in accordance with s. 22(8) of the amending Act) by Finance Act 2015 (c. 11), s. 22(4)(a)