Trade loss relief
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
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
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
