Most traders who transfer a business to a company, or a partnership, are entitled to carry forward any unused trading losses. ICTA88/S386 and ITA07/S86 applies to the transfer of a business to a company, and where an individual transfers the business to a partnership of which they are a member ICTA88/S385 and ITA07/S83 will generally apply to allow loss to be carried forward. However, these reliefs do not apply in the context of a Lloyd's conversion. There is no transfer of a business as required for the trade transfer relief, and trade carry forward relief is not available because the SLP does not succeed to the trade previously carried on by the individual.

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