Relief under ITA 2007, s. 72 is only available if the trade was carried on, throughout the basis period for the tax year of loss, on a commercial basis and in such a way that profits could reasonably be expected to be realised in that basis period, or within a reasonable time thereafter (ITA 2007, s. 74(2); see also Walls v Livesey (HMIT) (1995) Sp C 4, which is discussed at ¶260-200). If the trade is part of a larger undertaking, profits must instead be anticipated in the larger undertaking as a whole.

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