Taxes Consolidation Act, 1997
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Amount chargeable.
[CGTA75 s5(1)]
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31.—Capital gains tax shall be charged on the total amount of chargeable gains accruing to the person chargeable in the year of assessment, after deducting—
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(a) any allowable losses accruing to that person in that year of assessment, and
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(b) in so far as they have not been allowed as a deduction from chargeable gains accruing in any previous year of assessment, any allowable losses accruing to that person in any previous year of assessment (not earlier than the year 1974-75).
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