There are currently no known outstanding effects for the Income Tax Act 2007, Section 103.
(1)For the purposes of this Chapter sideways relief is—
(a)trade loss relief against general income (see sections 64 to 70), or
(b)early trade losses relief (see sections 72 to 74).
(2)For the purposes of this Chapter—
(a)capital gains relief is, in relation to a loss, the treatment of the loss as an allowable loss by virtue of section 261B of TCGA 1992 (use of trading loss as a CGT loss), and
(b)capital gains relief is given for a loss when it is so treated.
(3)References in this Chapter to a firm are to be read in the same way as references to a firm in Part 9 of ITTOIA 2005 (which contains special provision about partnerships).
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