BIM85000 - 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:

1. BIM85005

   When a loss is made
2. BIM85010

   Types of relief
3. BIM85015

   Types of relief - Relief against general income
4. BIM85022

   Extended loss relief - 2020/21 and 2021/22
5. BIM85025

   Types of relief - Relief against chargeable gains
6. BIM85030

   Types of relief - Relief against chargeable gains - computation of relief
7. BIM85035

   Types of relief - Relief against chargeable gains - gains subsequently relieved
8. BIM85040

   Types of relief - Relief against chargeable gains - examples
9. BIM85045

   Types of relief - Relief for losses in early years of trade
10. BIM85050

    Types of relief - Relief for losses in early years of trade - breaks in trade
11. BIM85055

    Types of relief - Terminal loss relief
12. BIM85060

    Types of relief - Carry forward of losses
13. BIM85065

    Claims to relief
14. BIM85070

    Claims to relief - Claims involving more than one year
15. BIM85075

    Claims to relief - Time limits for claims
16. BIM85080

    Claims to relief - Part claims and priority of claims
17. BIM85085

    Claims to relief - Changes to claims
18. BIM85090

    Claims to relief - Title to relief