Part 4

Loss relief
Chapter 3

Restrictions on trade loss relief for certain partners

Introduction

Meaning of “sideways relief”, “capital gains relief” and “firm”
103
1
For the purposes of this Chapter sideways relief is—
a
trade loss relief against general income (see sections 64 to 70), or
b
early trade losses relief (see sections 72 to 74).
2
For the purposes of this Chapter—
a
capital gains relief is, in relation to a loss, the treatment of the loss as an allowable loss by virtue of section 261B of TCGA 1992 (use of trading loss as a CGT loss), and
b
capital gains relief is given for a loss when it is so treated.
3
References in this Chapter to a firm are to be read in the same way as references to a firm in Part 9 of ITTOIA 2005 (which contains special provision about partnerships).