263-755 Recovery of excess relief from individual partners: key definitions
Meaning of ‘amount of trade losses claimed’
As noted at ¶263-725, an income tax charge is in certain circumstances imposed on a partner who has claimed tax relief. The charge is imposed when, broadly, a reduction in the individual's contribution to the firm means that the contribution is less than ‘the total amount of trade losses claimed’.
The expression ‘the total amount of trade losses claimed’ is defined to cover losses for which sideways relief or capital gains relief have been claimed (see ¶263-250) but only if the losses were made by the individual in the relevant trade: