Section 872 | Losses calculated on same basis as miscellaneous income

(1)The same rules apply for income tax purposes in calculating miscellaneous losses as apply in calculating corresponding miscellaneous income.

(2)This is subject to any express provision to the contrary.

(3)In this section—

(a)“miscellaneous income” means profits or other income charged to income tax under or by virtue of a provision to which section 1016 of ITA 2007 applies, and^F1

(b)“miscellaneous losses” means losses arising from a transaction which is of such a nature that, if profits or other income had arisen from it, the income would have been charged to income tax under or by virtue of such a provision.

(4)Provision corresponding to that made by this section is made by—

(a)section 26 (in relation to trades, professions and vocations), and

(b)sections 272 and 272ZA (in relation to property businesses).^F2