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