Regulation 42 | Losses

(1)If the effect of any computation under regulations 39 to 41 would be to produce a loss, the basic gain on the disposal is nil.

(2)Paragraph (1) applies notwithstanding section 16 of TCGA 1992 (losses determined in like manner as gains).

(3)Accordingly, for the purposes of these Regulations, no loss is to be treated as arising on the disposal.