7.     Aggregate capital loss

 

A person’s aggregate capital loss for a year of assessment is the amount by which the sum of a person’s capital losses for the year exceeds the sum of-

 

(a)     that person’s capital gains for that year and any other capital gains which are required to be taken into account in the determination of that person’s aggregate capital gain or aggregate capital loss for that year; and

 

(b)     in the case of a natural person or a special trust, that person’s or special trust’s annual exclusion for that year.