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HM Revenue and Customs Brief 66/09

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HM Revenue and Customs -Tax Authorities

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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 October 2009.

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.

HMRC is today publishing draft legislation, explanatory note and guidance for this measure (PDF 502K).


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Crown Copyright 2009.

A licence is need to reproduce this article and has been republished for educational / informational purposes only. Article reproduced by permission of HM Revenue & Customs under the terms of a Click-Use Licence. Tax briefs are updated regularly and may be out of date at time of reading.



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Article Published/Sorted/Amended on Scopulus 2009-10-27 12:33:08 in Tax Articles

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