A bloodstock breeder may avail himself of the following reliefs:

(1)relief for losses in the early years of a trade whereby losses incurred in the first four years of trading may be carried back three years, taking the earlier year first (ITA 2007, s. 72: see ¶260-600ff.);

(2)the set-off of losses against general income (ITA 2007, s. 64(2): see ¶260-100ff.);

(3)the carry-forward of losses against future profits of the same trade (ITA 2007, s. 83: see ¶261-500ff.);

(4)terminal loss relief (ITA 2007, s. 89: see ¶262-000ff.).

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