CG71755 - Mineral leases: terminal loss relief: effect of claim

If the taxpayer elects to carry back the terminal loss, it is set off first against the relevant chargeable gains arising in the year of assessment or accounting period immediately preceding that in which the relevant event occurred. Any remaining balance of terminal loss is then set against the relevant gains arising in the next preceding year of assessment or accounting period, and so on. However, no part of the terminal loss can be carried back to any year of assessment or accounting period which ended more than 15 years before the relevant event occurred.