As explained at EIM00800, loss relief may be available under section 128 ITA 2007, to be given by set-off against general income, where the amount that is the total amount of any taxable earnings from that employment in the tax year is negative.
Chapters 2 to 5 of Part 2 ITEPA 2003 spell out the method for calculating the amount that is chargeable to tax as employment income. That represents a new approach. However, as explained in the preamble to ITEPA, it is:
‘An Act to restate, with minor changes, certain enactments relating to income tax on employment income ….’