Against total profits of same or earlier years

Generally

How relief is given

Limit on deduction if accounting period falls partly within 12 month period

Ring fence trades

Terminal losses, extension of period for which relief is given

Time limits for making

Trade obligation to be commercial or carried on for statutory functions

Anti-avoidance provisions

Overview

Partnerships

– see Partnerships

Tax-generated losses

Basis period

Capital allowances, restrictions on sideways relief

Capital gains tax relief

Carry-forward against subsequent trade profits

Generally

How relief works

Interest and dividends treated as profits

Interest as a loss

Registered industrial and provident societies

Ring fence trades

Trade-related interest and dividends, use of

Transfer of trade to a company

Carrying on a trade, meaning

Change in company ownership, loss buying

Commodity futures, sideways relief restriction

Dealing in commodity futures

Deduction from general income

Chargeable gains

Commercial trade

Farming and market gardening, restriction on relief

Generally

How relief works

Temporary extension of carry back of losses

Uncommercial trades, restriction on relief

Double counting, prohibition

Farming and market gardening

Cessation of trade

Companies treated as the same person as an individual

Generally

Reasonable expectation of profit test

Films

First four years of trade

Commercial trade

Generally

How relief works

Uncommercial trades, restriction on relief

Foreign trades, reliefs only against foreign income

Individuals, restrictions on sideways relief and capital gains relief

Cap for tax year

Commencement

Non-active capacity, meaning

Qualifying film expenditure, meaning

Tax-generated losses

Insurance companies

Leasing plant and machinery

Company reconstructions

Sideways relief restriction

Limited liability partnerships

Contribution to the LLP, meaning

Generally

Restrictions on relief

Unrelieved losses brought forward

Limited partnerships

Contribution to the firm, meaning

Generally

Meaning

Restriction on relief

Non-resident companies, receipts of interest/dividends or interest to be included in profits

Oil extraction activities and oil rights

Carry-forward of loss relief

Sideways relief restriction

Transfer of trade to obtain relief

Overview

Partnerships

– see Partnerships

Post-cessation relief

Property businesses

Restrictions

Ring fence trades

Carry-forward of loss relief

Sideways relief restriction

Tax year

Tax-generated losses, no relief to be given

Terminal loss relief on permanent cessation of trade

Calculation of terminal losses

Generally

How relief works

Interest and dividends treated as profits

Interest eligible for relief

Mineral extraction trade and carry-back of balancing allowances

Trade, meaning

Transfers within partnerships

– see Partnerships