Related Commentary  Related CasesRelated HMRC Manuals

64(1)  A person may make a claim for trade loss relief against general income if the person–

(a)carries on a trade in a tax year, and

(b)makes a loss in the trade in the tax year (“the loss-making year”).

64(2)  The claim is for the loss to be deducted in calculating the person's net income–

(a)for the loss-making year,

(b)for the previous tax year, or

(c)for both tax years.

(See Step 2 of the calculation in section 23.)

64(3)  If the claim is made in relation to both tax years, the claim must specify the tax year for which a deduction is to be made first.

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