CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
which are not, or which make part of a gain a chargeable gain, and part
not, shall apply also to distinguish losses which are allowable losses from
those which are not, and to make part of a loss an allowable loss and part
not and references in these Rules to an allowable loss shall be construed
accordingly.
(3) Subject to these Rules, the occasion of the entire loss, destruction, dissipation
or extinction of an asset shall, for the purposes of these Rules,
constitute a disposal of the asset whether or not any capital sum by way of
compensation or otherwise is received in respect of the destruction,
dissipation or extinction of the asset.
(4) For the purposes of sub-rules (1) and (3), a building and any permanent
or semi-permanent structure in the nature of a building, may be regarded
as an asset separate from the land on which it is situated, but where either
of those sub-rules apply in accordance with this sub-rule, the person
deemed to have made the disposal of the building shall be treated as if he
had also sold, and immediately re-acquired the site of the building or
structure (including in the site any land occupied for purposes ancillary to
the use of the building or structure) for a consideration equal to its market
value at that time.
(5) A loss accruing to a person in a year of income shall not be an
allowable loss for the purposes of these Rules unless, he would be
chargeable to income tax in respect of a chargeable gain if there had been
a gain instead of a loss on that occasion.
(6) In no case shall any allowable loss be deducted from income other than
short-term capital gains, nor shall any loss under this Act be deducted in
computing short-term capital gains.
Exemptions
6. (1) Rights and winnings obtained by participating in pool betting or
lotteries or games with prizes lawfully carried on under or by virtue of the
provisions of the Gambling and Betting Act 1963 shall not be chargeable
assets and no chargeable gain or allowable loss shall accrue on their
disposal.
(2) No chargeable gain shall accrue -
(a) upon the disposal by an individual of currency of any description
acquired by him for personal expenditure outside Trinidad and Tobago
of himself or his family or dependents (including expenditure on the
provision or maintenance of any residence outside Trinidad and
Tobago);
BIR Mac Edition 91/01 Page 153