An individual who incurs an allowable loss (for capital gains tax purposes) on the disposal of qualifying shares may claim to set off that loss against total income for the tax year of the loss and/or the preceding tax year1, see E3.701A.
Shares are qualifying shares for share loss relief purposes if they are ordinary shares (or ordinary stock)2 and3:
- Ìý
(a)ÌýÌýÌýÌý enterprise investment scheme (EIS) relief is attributable to them, or
- Ìý
(b)ÌýÌýÌýÌý if EIS relief is not attributable to them, they are shares in a qualifying trading company which have been subscribed for by the individual (for the meaning of qualifying trading company, see E3.704 regarding shares issued on or after 6 April 1998 and E3.706 regarding shares issued before 6 April 1998)
The reference in (a) to EIS relief is to income
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