Introduction Background Note
11.The government is aware of avoidance activity that seeks to exploit income tax relief for losses from miscellaneous transactions. This avoidance activity puts at risk substantial amounts of revenue.
12.It was announced on 3 December 2014 that the government would legislate to counter avoidance of income tax involving losses from miscellaneous transactions. The changes denying loss relief where a miscellaneous loss, or miscellaneous income, arises from relevant tax avoidance arrangements will have effect from 3 December 2014. The changes limiting relief to “relevant miscellaneous income” will have effect for tax year 2015-16 and subsequent years.