89 Carry back of losses on a permanent cessation of a trade

89(1) A person may make a claim for terminal trade loss relief if the person–

(a)permanently ceases to carry on a trade in a tax year (“the final tax year”), and

(b)makes a terminal loss in the trade (see section 90).

89(2) The claim is for the total amount of terminal losses made in the trade by the person (“the relievable loss”) to be deducted in calculating the person's net income for the final tax year and the 3 previous tax years (see Step 2 of the calculation in section 23).

89(3) But a deduction for that purpose is to be made only from profits of the trade.

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