Part 4

Loss relief
Chapter 2

Trade losses

Introduction

Non-partners: losses of a tax year
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1
This section applies if a trade, profession or vocation is carried on by a person otherwise than as a partner in a firm.
2
For the purposes of this Chapter any reference to the person making a loss in the trade, profession or vocation in a tax year is to the person making a loss in the trade, profession or vocation in the basis period for the tax year.
3
This section is subject to section 70 (restriction on trade loss relief against general income in case of farming or market gardening).
4
For the rules about basis periods, see Chapter 15 of Part 2 of ITTOIA 2005.
5
In particular, see the rule in section 206 of ITTOIA 2005 (restriction on bringing losses into account twice).