Finance Act 2024 · Updated to 31 Dec 2024 · Chapter III · Amendments to the Real Property Gains Tax Act 1976
20. Amendment of section 7
Feedback & supportSubsection 7(4) of the principal Act is amended—
(a)
by substituting for paragraph (a) the following paragraph:
“(a) there is an allowable loss in respect of a disposal, such allowable loss shall only be allowed as a deduction to reduce the chargeable gain of a person in the subsequent disposal of chargeable asset in the same year of assessment in which the disposal was made; and”; and
(b)
in paragraph (b)—
(i)
by deleting the word “total” wherever appearing;
and
(ii)
by inserting after the words “which there is total chargeable gain” the words “from the disposal of chargeable asset at an earlier point in time”.