Part 4Loss relief
Chapter 1Introduction
59Overview of Part
1
This Part provides for income tax relief for—
a
losses in a trade, profession or vocation (and certain post-cessation payments and events) (see Chapters 2 and 3),
b
losses in a UK property business or overseas property business (and, in the case of a UK property business, certain post-cessation payments and events) (see Chapter 4),
c
losses in an employment or office (see Chapter 5),
d
losses on a disposal of certain shares (see Chapter 6), and
e
losses in certain miscellaneous transactions (see Chapter 7).
2
This Part needs to be read with Chapter 3 of Part 2 (calculation of income tax liability).
3
For rules about the calculation of losses for the purposes of this Part, see—
a
section 26 of ITTOIA 2005 (losses of a trade, profession or vocation calculated on same basis as profits),
b
section 272 of ITTOIA 2005 (which applies section 26 of that Act, so that losses of a UK property business or overseas property business are calculated on the same basis as profits),
c
section 11 of ITEPA 2003 (calculation of “net taxable earnings”), and
d
section 872 of ITTOIA 2005 (losses from miscellaneous transactions calculated on same basis as miscellaneous income).