Part 4

Loss relief
Chapter 2

Trade losses

Restriction on relief for “hobby” farming or market gardening

Whether trade is the same trade
69
1
This section applies for the purposes of sections 67 and 68.
2
If there is a change in the persons carrying on a trade which involves all of the persons carrying it on before the change permanently ceasing to carry it on—
a
the trade is treated as permanently ceasing to be carried on, and
b
a new trade is treated as starting to be carried on,
at the date of the change (but see subsections (3) to (6)).
3
A husband and wife are treated as the same person.
4
Persons who are civil partners of each other are treated as the same person.
5
A husband or wife is treated as the same person as—
a
a company of which either one of them has control, or
b
a company of which both have control.
6
A person's civil partner is treated as the same person as—
a
a company of which either of the civil partners has control, or
b
a company of which both have control.
7
“
Control
”
is to be read in accordance with sections 450 and 451 of CTA 2010
.
Ss. 66-70 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 6 para. 1(11)(a)
Words in s. 69(7) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 495 (with Sch. 2)
Ss. 66-70 applied (10.6.2021) by Finance Act 2021 (c. 26), Sch. 2 para. 3(1)(a)