CG15083 - Deferred consideration: unascertainable: election for treatment of loss - basic requirements
TCGA92/S279A
A person, 鈥渢he taxpayer鈥�, is entitled to elect for an allowable loss, 鈥渢he relevant loss鈥�, which would otherwise accrue to him in one tax year, 鈥渢he year of the loss鈥�, to be treated as accruing to him in an earlier tax year if certain requirements are met.
The loss must accrue on a disposal by the taxpayer of a right which meets five specified conditions, see CG15084.
The taxpayer must be within the charge to CGT for the year of the loss, see CG15088.
Two further specified conditions must both be met, referred to in TCGA92/S279A as 鈥淐ondition 1鈥� and 鈥淐ondition 2鈥� respectively, see CG15085 and CG15086.