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HL 26: Portfolio investor allocated income and portfolio investor allocated loss
or “Former rules about income and loss for portfolio investors”
You could also call this:

“This section about handling certain investor losses in portfolio investment entities no longer applies”

This part of the law used to talk about how to handle losses for certain types of investors in a portfolio investment entity. However, it has been removed from the law. As of 1 April 2010, this section no longer applies. If you want to know how these types of losses are handled now, you might need to look at other parts of the tax law.

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Next up: HL 28: Treatment of portfolio investor allocated loss for other investors

or “This outdated rule about investor losses no longer applies”
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Part H Taxation of certain entities
Portfolio investment entities

HL 27Treatment of portfolio investor allocated loss for zero-rated portfolio investors and investors with portfolio investor exit period (Repealed)

    Notes
    • Section HL 27: repealed, on (applying for the 2010–11 and later income years), by section 292(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).