Share loss relief

Hello

We have an individual who is a non UK resident with substantial UK Income. He has lost money on a share investment, which otherwise comes within part 4, chapter 6 ITA 2007. However, that relief is granted to individuals who "incur an allowable loss for capital gains tax purposes" and section 131(3) states that the relief applies only if the disposal of the shares is...(c) A disposal within section 24(1) of TCGA.

Bearing in mind that this indivdidual is not a UK resident and the disposal is of a an investment, which would not come within the charge of CGT unless he came back to the UK within 5 years, presumably there is no loss for CGT purposes and therefore the income tax relief cannot be claimed?

Thanks in advance

 

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Correct I think

Paulsoper |