Taxes Consolidation Act 1997 section 653

Restriction of relief for losses, etc. in relation to relevant disposals

Section 653 restricts the set-off of capital losses against chargeable gains on disposals of development land.

• Allowable losses on disposals of assets that are not development land cannot be set against development land gains.
• Development land losses may be set against both development land gains and ordinary gains.
• Where a development land loss has been used against a development land gain, it cannot be used again against ordinary gains.
• Assessments may be made or amended as necessary to give effect to these restrictions.