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 —
(a)
any approved company in respect of any loss arising from —
(i)
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
(ii)
any transaction, other than those falling under sub‑paragraph (i), in respect of any designated investments if any gains or profits from such transaction would have been exempt from tax under regulation 3; and
[S 345/2012 wef 01/09/2007]
(b)
any relevant owner of any approved company in respect of any loss arising from sales or transactions of the types described in paragraph (a) which are otherwise attributable to such relevant owner.