Related Commentary  Related CasesRelated HMRC Manuals

44(1)  Relief under section 37 is not available for a loss made in a trade unless for the loss-making period (see section 37(3)(a)) the trade is carried on–

(a)on a commercial basis, and

(b)with a view to the making of a profit in the trade or so as to afford a reasonable expectation of making such a profit.

44(2)  References in subsection (1)(b) to a profit in the trade include references to a profit in any larger undertaking of which the trade forms part.

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