Income Tax Act 2007 section 152

Losses from miscellaneous transactions

Section 152 allows individuals to claim relief for losses arising from certain miscellaneous transactions by setting them against relevant miscellaneous income.

• Where a person makes a loss on a qualifying miscellaneous transaction in a tax year, they may claim to deduct that loss from relevant miscellaneous income in that year and subsequent years
• A transaction qualifies if any profits from it would be taxable under a provision listed in section 1016, excluding offshore fund disposal gains and life insurance contract gains
• The loss can only be set against income from transactions taxed under the same provision that would have applied to any profits from the loss-making transaction, and if the loss arose in a partnership, only against income from that partnership's transactions
• Deductions for miscellaneous transaction losses take priority over all other relief deductions from the same relevant miscellaneous income