SCHEDULES
SCHEDULE 1Reliefs
PART 1Carry back or forward of qualifying levy losses
I13Carry back of qualifying levy losses to earlier qualifying accounting periods
1
Relief under paragraph 1 is not available for a loss made in a ring fence trade unless for the loss-making period, the trade is carried on—
a
on a commercial basis, and
b
with a view to the making of a profit in the trade or so as to afford a reasonable expectation of making such a profit.
2
If during the loss-making period there is a change in the way in which the trade is carried on, it is treated as having been carried on throughout that period in the way in which it is being carried on by the end of that period.