VCM45020 - VC loss relief: general: layout of guidance

ICTA88/S573 - S574

Most of the rules governing whether, in what amount and how relief is due under ICTA88/S573 and ICTA88/S574 are the same. The guidance in this section of the manual focuses primarily on relief claimed by individuals under ICTA88/S574, as this is claimed much more often than investment companies claim relief under ICTA88/S573. VCM49050 explains how the guidance on ICTA88/S574 can be applied to claims under ICTA88/S573.

Helpsheet IR286 gives a simplified explanation of the relief available under ICTA88/S574. The more detailed guidance on VC loss relief in this manual is organised as follows:

Any points of difficulty which are not covered by Helpsheet IR286 or the guidance in this manual concerning the allowable losses eligible for relief should be referred to CGT, Solihull. Any about how relief due under ICTA88/S573 or ICTA88/S574 is allowed should be referred to CT&VAT (Technical). CT&VAT also deal with any difficulties concerning claims to relief and late claims. The guidance at BIM75225 to BIM75235 applies to late claims under ICTA88/S574 as it does to late claims for trading losses.