66Restriction on relief unless trade is commercial
(1)Trade loss relief against general income for a loss made in a trade in a tax year is not available unless the trade is commercial.
(2)The trade is commercial if it is carried on throughout the basis period for the tax year—
(a)on a commercial basis, and
(b)with a view to the realisation of profits of the trade.
(3)If at any time a trade is carried on so as to afford a reasonable expectation of profit, it is treated as carried on at that time with a view to the realisation of profits.
(4)If the trade forms part of a larger undertaking, references to profits of the trade are to be read as references to profits of the undertaking as a whole.
(5)If there is a change in the basis period in the way in which the trade is carried on, the trade is treated as carried on throughout the basis period in the way in which it is carried on by the end of the basis period.
(6)The restriction imposed by this section does not apply to a loss made in the exercise of functions conferred by or under an Act.
(7)This section applies to professions and vocations as it applies to trades.