Paragraph 3 of Schedule 2 to the Social Security Contrbutions and Benefits Act 1992 (SSCBA92/SCH2/PARA3)

SSCBA92/SCH2/PARA3 provides that a trading loss is to be relieved for NICs purposes in the same manner as for Income Tax under ITA2007/S64, S72, S83, S89, and S93.

No relief is available for a loss arising under:

ITA2007/S574

ITA2007/S387 from an assessment under ITA2007, Parts 2 and 8, on an annual payment not made out of profits or gains (SSCBA92/SCH2/PARA3 (2)(c)), or

ITA2007/S390 from the carrying forward or backward of interest paid which was not allowed in arriving at the trading profit or loss (SSCBA92/SCH2/PARA3 (2)(d)).

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