Part 4Loss relief
Chapter 2Trade losses
Introduction
60Overview of Chapter
1
This Chapter—
a
provides for trade loss relief against general income (see sections 64 to 70),
b
provides for early trade losses relief (see sections 72 to 74),
c
contains provision restricting both those reliefs (see sections 75 to 82),
d
provides for carry-forward trade loss relief (see sections 83 to 88),
e
provides for terminal trade loss relief (see sections 89 to 94),
f
contains restrictions on the above reliefs for trades, professions and vocations carried on wholly outside the United Kingdom (see section 95), and
g
provides for post-cessation trade relief (see sections 96 to 100).
2
This Chapter is subject to paragraph 2 of Schedule 1B to TMA 1970 (claims for loss relief involving two or more years).
3
For a rule treating an individual as starting or permanently ceasing to carry on a trade, profession or vocation for income tax purposes (including those of this Part), see—
a
section 17 of ITTOIA 2005 (effect of becoming or ceasing to be a UK resident), and
b
section 852(6) and (7) of ITTOIA 2005 (corresponding rule in the case of a trade or profession carried on by a firm).
4
For the purposes of this Chapter sideways relief is—
a
trade loss relief against general income, or
b
early trade losses relief.
5
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).