VCM46450 - VC loss relief: general: priority of claims to set losses against income

ICTA88/S574 (2)

Where a taxpayer claims relief against the income of a year under both ICTA88/S574 and ICTA88/S380 or ICTA88/S381, you should allow the amounts claimed in the following order:

• allowable loss of the year of claimed under ICTA88/S574 (1)(a),
• allowable losses from the following year claimed under ICTA88/S574 (1)(b),
• amounts claimed under ICTA88/S380 or ICTA88/S381, see BIM75200 onwards and BIM75400 onwards for further guidance.