As with profits, partnership losses are divided among partners according to their respective shares, subject to adjustments required as set out in ¶62115. For losses generally, see ¶6200ff.

Briefly, a partner is entitled to loss relief, for his share of the partnership loss, against other income of the same tax year and against any income of the following year (in so far as relief has not already been given) if he is still a partner in the firm.

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