Section 544 | Section 543: supplementary

(1)This section applies for the purposes of section 543.

(2)For rules about the calculation of losses, see—

(a)section 26 of ITTOIA 2005 (losses of a trade calculated on same basis as profits),

(b)section 272 of that Act (which applies section 26 of that Act, so that losses of a UK property business or overseas property business are calculated on the same basis as profits), and

(c)section 872 of that Act (losses from miscellaneous transactions calculated on same basis as miscellaneous income).

(3)A transaction is a miscellaneous transaction if it is of such a nature that, if income or gains had arisen from it—

(a)ignoring section 527 (exemption from charges under provisions to which section 1016 applies), it would have been charged to income tax under or by virtue of any provision to which section 1016 applies, and

(b)the trustees of the charitable trust would have been liable for any tax so chargeable.

(4)Repealed