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HMRC internal manual

Business Income Manual

From
HM Revenue & Customs
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Farming losses: trade loss relief against general income

S66, S67 Income Tax Act 2007

Where a loss is caught by either of the restrictions (1) or (2) at BIM85601:

  • trade loss relief against general income is denied in respect of the loss,
  • relief against capital gains (see BIM85025) is similarly denied,
  • no restriction is imposed on the right to carry forward unused losses against future profits of the same trade (see BIM85060).