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HMRC internal manual

Business Income Manual

Trade losses: contents

Where a loss arises in a trade, profession or vocation relief can be claimed by setting off the loss against other income or future profits. Losses for 2013-14 and subsequest years computed using cash basis cannot be claimed against other income. A loss made in the final twelve months of trading can also be set off against profits of earlier years. The types of relief are summarised in BIM85010, and described in more detail in the pages following. Guidance on making a claim is given at BIM85065 onwards.

See the chapter on Partnerships - computation and assessment (BIM82200) for the rules relating to partnership losses.

For restrictions on relief for trade losses, see BIM85700 onwards.

This chapter contains the following: