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HMRC internal manual

Business Income Manual

Partnerships - computation and assessment: other income: partner’s basis period: losses

S854, S855 Income Tax (Trading and Other Income) Act 2005

The same basis period rules as set out in BIM82295 apply to relievable losses from non-trading income sources.

But the ‘notional business’ rules only determine the basis period for a loss. The loss relief rules appropriate to the particular type of loss determine the way in which it can be relieved.