(1)In sections 792 and 793 “the total amount of trade losses claimed” means the total amount of losses within subsection (2) for which the individual has claimed sideways relief or capital gains relief.
(2)The losses within this subsection are losses made by the individual in the relevant trade—
(a)in a tax year at a time during which the individual carries on the relevant trade as a limited partner or as a member of an LLP, or
(b)in an early tax year during which the individual carries on the relevant trade as a non-active partner.
Expressions used in this subsection are to be read as if contained in Chapter 3 of Part 4.
(3)In sections 792 and 793 “reclaimed relief” means the total amount of income treated as received by the individual under section 792 as a result of that section being previously applied in relation to claims for relief for losses made by the individual in the relevant trade.
(4)In sections 792 and 793 “the individual's contribution to the firm” at any time means the individual's contribution to the firm or the LLP (as the case may be) at that time as calculated for the purposes of the relevant restriction provision.
(5)The “relevant restriction provision” means—
(a)whichever of sections 104, 107 and 110 applied as mentioned in section 792(1)(b), or
(b)if more than one of those sections applied as mentioned in section 792(1)(b), the section which so applied to the amount of relief which could be given for the loss most recently made by the individual in the relevant trade.
(6)In a case to which section 792(6) applies, for the purpose of determining the total amount of trade losses claimed, the amount of the reclaimed relief and the relevant restriction provision—
(a)apply subsections (1) and (2) in relation to each of the trades that the firm is carrying on, or has carried on, and then add the results together, and
(b)apply subsections (3) and (5)(b) as if references to the relevant trade were references to any of the trades that the firm is carrying on, or has carried on.
But if a trade is of the kind mentioned in section 110(8), do not apply subsection (2)(b) in relation to it.