Section 60 — Income Tax Act 2007: Overview of Chapter

Overview of Chapter 60 1 This Chapter—

a provides for trade loss relief against general income (see sections 64 to 70),

b provides for early trade losses relief (see sections 72 to 74),

c contains provision restricting both those reliefs and capital gains relief (see sections 74ZA to 82),

d provides for carry-forward trade loss relief (see sections 83 to 88),

e provides for terminal trade loss relief (see sections 89 to 94),

f contains restrictions on the above reliefs for trades, professions and vocations carried on wholly outside the United Kingdom (see section 95),

and g provides for post-cessation trade relief (see sections 96 to 100).

2 This Chapter is subject to paragraph 2 of Schedule 1B to TMA 1970 (claims for loss relief involving two or more years).

3 For a rule treating an individual as starting or permanently ceasing to carry on a trade, profession or vocation for income tax purposes (including those of this Part), see—

a section 17 of ITTOIA 2005 (effect of becoming or ceasing to be a UK resident), ... b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 For the purposes of this Chapter sideways relief is—

a trade loss relief against general income, or b early trade losses relief.

5 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).