Trust and Estate Capital Gains Tax Return
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CIOT comments on Boxes 5.16B and 5.17C on the Return, sent to the Inland Revenue on 28 December 2001. It has been brought to the atttention of the Capital Taxes Sub-Committee that the above two boxes on the 2000-2001 edition of the trust tax return could be redundant.
Following the rewriting of section 71(2) TCGA 1992 by section 75 of the Finance Act 1999 since 16 June 1999, "realised" losses can no longer be transferred to beneficiaries. Can you agree that this is correct and perhaps confirm that the boxes will not therefore be included in the 2001-2002 edition of the return?
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