BIM75605 - Farming losses: loss excluded under ITA2007/S66 or ITA2007/S67

Where a loss is caught by either ITA2007/S66 or ITA2007/S67:

• relief against general income under ITA2007/S64 is denied in respect of the loss,
• relief against capital gains under TCGA1992/S261B is similarly denied,
• no restriction is imposed on the right to carry forward unused losses against future profits of the same trade under ITA2007/S83,
• Agricultural buildings allowances due under Part 4 CAA01 are given in taxing the trade and are caught by the legislation.