Jurisdiction(s):
United Kingdom

Key definition

Loss definition

What does Loss mean? In legal practice, loss means the harm, detriment or deprivation suffered—financial, physical or proprietary—and is not confined to permanent deprivation; temporary loss can suffice. The term is a broad, descriptive label used across civil, criminal, regulatory and insurance contexts. Some statutes define it for particular purposes: e.g., the Fraud Act 2006 (E&W and NI) defines gain or loss in money or other property and includes temporary loss; exposing another to a risk of loss may suffice. Comparable wording appears in Ireland. In Scotland, fraud is largely common law, but usage is similar. In civil claims (contract and tort/delict), damages compensate for loss...

UK corporation tax (TCGA 1992): Pre-entry capital losses and gains in company groups—anti-loss buying, loss streaming, anti-gain rules, QCBs and group reorganisations

Published by a LexisNexis Tax expert

Practice notes

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The capital gains regime allows corporate groups to organise the offset of allowable losses arising in one group company against taxable gains arising in another. The most straightforward route is to elect to move a gain or a loss between companies within the group. That election rests on the premise that group members function, in many ways, as a single economic unit, and that the tax code ought to mirror that reality. The purpose of the provisions is to enable groups to net gains and losses against each other where both the gains and the losses arise within the same group. This treatment is not meant to apply to companies acquired into a group specifically because they already carry losses. The pre-entry loss rules exist to stop groups from cutting their gains by purchasing losses in this fashion. Although intended to counter avoidance, the pre-entry loss rules can bite regardless of whether the parties involved are driven by tax motives, and they apply even where tax considerations are not the deciding factor, in each and every case...

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Web page updated on 22/05/2026

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