Related Commentary  Related HMRC Manuals

95(1)  This section applies if a person–

(a)carries on a trade, profession or vocation wholly outside the United Kingdom, and

(b)makes a loss in the trade, profession or vocation.

95(2)  In that case–

(a)sideways relief for the loss is available only against the person's qualifying foreign income,

(b)trade income relief for the loss is available only against the person's qualifying foreign trade income, and

(c)section 261B of TCGA 1992 (use of trading loss as a CGT loss) does not apply in relation to the loss.

95(3)  “Trade income relief”  means–

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