118Loss relief: general
Section 209 of the [1994 c. 9.] Finance Act 1994 (loss relief: general) shall have effect, and shall be deemed always to have had effect, as if for subsection (7) (commencement of subsections (3) to (5)) there were substituted the following subsections—
“(7)Subsections (1), (2) and (6) above—
(a)except in their application to a trade set up and commenced on or after 6th April 1994, have effect in relation to losses sustained in the year 1996-97 and subsequent years of assessment; and
(b)in their application to a trade so set up and commenced, have effect in relation to losses sustained in the year 1994-95 and subsequent years of assessment.
(8)Subsections (3) to (5) above—
(a)except in their application to a trade set up and commenced on or after 6th April 1994, have effect in relation to losses sustained in the year 1997-98 and subsequent years of assessment; and
(b)in their application to a trade so set up and commenced, have effect in relation to losses sustained in the year 1994-95 and subsequent years of assessment.
(9)Any reference in subsection (7) or (8) above to a trade includes a reference to a profession, vocation or employment.”