BIM80130 - Case VI: General: losses ICTA88/S392

ICTA88/S392 allows relief for certain Case VI losses. These are losses which arise from a` transaction which, had a profit arisen, would have been chargeable under Case VI (either because it fell within the Case VI charging provision, ICTA88/S18, or because it was directed to be charged under Case VI by some other statutory provision). It should be noted that there must have been a possibility of profit. For example, `post-cessation expenses' are not a Case VI loss even though receipts would be chargeable under Case VI; paying an expense is not a transaction which can yield a profit.

ICTA88/S392 (4)

Losses on premiums which are chargeable under ICTA88/S34, ICTA88/S35 or ICTA88/S36 are specifically excluded.

ICTA88/S399 (1)

Case VI losses cannot arise on dealings in commodities, financial futures and qualifying options, see CG56043 and ICTA88/S399 (1).