Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
As published
27 Extension of restrictions on allowable capital losses
(1) TCGA 1992 is amended as follows.
(2) In section 8 (company's total profits to include chargeable gains)—
(a) in subsection (2), for the words from “does not include—” to the end substitute “ does not include a loss accruing to a company in such circumstances that if a gain accrued the company would be exempt from corporation tax in respect of it. ”, and
(b) omit subsections (2A) to (2C).
(3) After section 16 insert—
Restrictions on allowable losses
16A (1) For the purposes of this Act, “allowable loss” does not include a loss accruing to a person if—
(a) it accrues to the person directly or indirectly in consequence of, or otherwise in connection with, any arrangements, and
(b) the main purpose, or one of the main purposes, of the arrangements is to secure a tax advantage.
(2) For the purposes of subsection (1)—
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and
“tax advantage” means—
relief or increased relief from tax,
repayment or increased repayment of tax,
the avoidance or reduction of a charge to tax or an assessment to tax, or
the avoidance of a possible assessment to tax,
and for the purposes of this definition “tax” means capital gains tax, corporation tax or income tax.
(3) For the purposes of subsection (1) it does not matter—
(a) whether the loss accrues at a time when there are no chargeable gains from which it could otherwise have been deducted, or
(b) whether the tax advantage is secured for the person to whom the loss accrues or for any other person.
(4) In section 288(1) (interpretation), in the definition of “allowable loss”, after “16” insert “ , 16A ”.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) The amendments made by this section have effect in relation to losses accruing on disposals made on or after 6th December 2006.
Your change, as a redline
27 Extension of restrictions on allowable capital losses
(1) TCGA 1992 is amended as follows.
(2) In section 8 (company's total profits to include chargeable gains)—
(a) in subsection (2), for the words from “does not include—” to the end substitute “ does not include a loss accruing to a company in such circumstances that if a gain accrued the company would be exempt from corporation tax in respect of it. ”, and
(b) omit subsections (2A) to (2C).
(3) After section 16 insert—
Restrictions on allowable losses
16A (1) For the purposes of this Act, “allowable loss” does not include a loss accruing to a person if—
(a) it accrues to the person directly or indirectly in consequence of, or otherwise in connection with, any arrangements, and
(b) the main purpose, or one of the main purposes, of the arrangements is to secure a tax advantage.
(2) For the purposes of subsection (1)—
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and
“tax advantage” means—
relief or increased relief from tax,
repayment or increased repayment of tax,
the avoidance or reduction of a charge to tax or an assessment to tax, or
the avoidance of a possible assessment to tax,
and for the purposes of this definition “tax” means capital gains tax, corporation tax or income tax.
(3) For the purposes of subsection (1) it does not matter—
(a) whether the loss accrues at a time when there are no chargeable gains from which it could otherwise have been deducted, or
(b) whether the tax advantage is secured for the person to whom the loss accrues or for any other person.
(4) In section 288(1) (interpretation), in the definition of “allowable loss”, after “16” insert “ , 16A ”.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) The amendments made by this section have effect in relation to losses accruing on disposals made on or after 6th December 2006.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.