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72(1)  An individual may make a claim for early trade losses relief if the individual makes a loss in a trade–

(a)in the tax year in which the trade is first carried on by the individual, or

(b)in any of the next 3 tax years.

72(2)  The claim is for the loss to be deducted in calculating the individual's net income for the 3 tax years before the one in which the loss is made (see Step 2 of the calculation in section 23).

72(3)  The claim must be made on or before the first anniversary of the normal self-assessment filing date for the tax year in which the loss is made.

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