100Meaning of “trading loss”U.K.
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(1)In section 99(1)(a) “trading loss” means a loss made in a trade in the surrender period.
(2)But it does not include—
(a)a loss made in a trade carried on wholly outside the United Kingdom, or
(b)a loss that is not eligible for relief under section 37 as a result of section 44 or 48.