S64 Income Tax Act 2007 (ITA 2007), Sch 6 Finance Act 2009 (FA 2009)

There are temporary rules for trade losses made in tax years 2008-09 and 2009-10 that enable losses to be carried back against profits of the same trade for up to three earlier years.

The extended relief is available where a person has made a loss in a trade (including a profession or vocation) in 2008-09 or 2009-10, and:

the loss is eligible for trade loss relief under S64 ITA 2007 (Relief against general income),

the person makes a claim under S64 ITA 2007 for the loss in the year of the loss, the preceding year or both.

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