Related Commentary  Related HMRC Manuals

90(1)  Each of the following is a terminal loss made in the trade–

(a)the loss (if any) made in the trade in the period beginning with the start of the final tax year and ending with the cessation, and

(b)the loss (if any) made in the trade in the period consisting of so much of the previous tax year as falls in the 12 months prior to the cessation.

90(2)  The profit or loss of a period mentioned in subsection (1)(a) or (b) (a “terminal loss period”) is determined by reference to the profits or losses of periods of account of the trade (calculated for income tax purposes).

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