BIM72230 - Partnerships: Computation & assessment: Changes in Membership: Loss Relief.

A partner can claim terminal loss relief when they leave a continuing business (ICTA88/S111 (4) and ICTA88/S389 (4)).

Conversely, the continuing partners’ Case I and II losses are preserved so that they can carry forward their share of the loss against their share of future partnership profits arising from the same trade (ICTA88/S111 (4) and ICTA88/S385 (1)).