Part 4Loss relief

Chapter 3Restrictions on trade loss relief for certain partners

Introduction

103Meaning of “sideways relief”, “capital gains relief” and “firm”

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).