No deduction in respect of loss arising from designated investments
4. Notwithstanding anything in these Regulations, no deduction shall be allowed under the Act to any foreign investor in respect of any loss arising from —
(a)
the sale of any designated investments if any gains or profits realised from the sale of such investments would have been exempt from tax under regulation 3; and
(b)
transactions referred to in paragraphs (c), (k) and (l) of the definition of “designated investments”.