Related Commentary  

62(1)  This section applies if a trade or profession is carried on by a person as a partner in a firm.

62(2)  Any reference to a person making a loss in a trade or profession in a tax year is to the partner making a loss in the partner's notional trade in the basis period for the tax year (as to which, see sections 852 and 853 of ITTOIA 2005).

62(3)  Further–

(a)any reference to a person making a claim for relief for a loss made in a trade or profession is to the partner making a claim for relief for a loss made in the partner's notional trade,

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