HM Revenue and Customs Brief 66/09
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Issued 21 October 2009
Sideways loss relief: Tax-generated losses
The Government has today announced action to counter avoidance that relies on
using sideways loss relief.
The new rules will prevent sideways relief and capital gains relief
('sideways loss relief') from being given for a loss from a trade, profession or
vocation where the loss arises from tax avoidance arrangements. Legislation will
be included in the Finance Bill 2010 but will be effective from today, 21
This measure targets those who enter into arrangements for the purpose of
obtaining a reduction in tax liability by means of sideways loss relief. It does
not impact on loss-makers who have not entered into avoidance arrangements.
is today publishing draft legislation, explanatory note and guidance for this
measure (PDF 502K).
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Article Published/Sorted/Amended on Scopulus 2009-10-27 12:33:08 in Tax Articles