S60-S100 Income Tax Act 2007 (ITA 2007)

The Taxes Acts provide several different ways in which losses made by those carrying on a trade (including a profession or vocation) may be relieved. These are as follows:

(1)S64 ITA 2007 – against the person's general income of the year the loss was made or of the previous year, see BIM85015. This relief is not available for losses of 2013-14 and subsequent years calculated using cash basis, see BIM70000 onwards.

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