Part 4

Loss relief
Chapter 2

Trade losses

Terminal trade loss relief

Carry back of certain interest as loss
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1
This section applies if—
a
an individual pays interest in a tax year which is eligible for relief under section 383 (as a result of section 388 or 398),
b
the interest is an expense incurred wholly and exclusively for the purposes of a trade carried on wholly or partly in the United Kingdom, and
c
relief under section 383 cannot be fully given in respect of the interest because there is no income or insufficient income in the tax year.
2
For the purposes of terminal trade loss relief, the amount for which relief has not been given may be treated as a loss made in the trade at the date of payment.
3
This section applies to professions and vocations as it applies to trades.