Part 4Loss relief

Chapter 1Introduction

59Overview of Part

1

This Part provides for income tax relief for—

a

losses in a trade, profession or vocation (and certain post-cessation payments and events) (see Chapters 2 and 3),

b

losses in a UK property business or overseas property business (and, in the case of a UK property business, certain post-cessation payments and events) (see Chapter 4),

c

losses in an employment or office (see Chapter 5),

d

losses on a disposal of certain shares (see Chapter 6), and

e

losses in certain miscellaneous transactions (see Chapter 7).

2

This Part needs to be read with Chapter 3 of Part 2 (calculation of income tax liability).

3

For rules about the calculation of losses for the purposes of this Part, see—

a

section 26 of ITTOIA 2005 (losses of a trade, profession or vocation calculated on same basis as profits),

b

F2sections 272 and 272ZA of ITTOIA 2005 (which F1apply section 26 of that Act, so that losses of a UK property business or overseas property business are calculated on the same basis as profits),

c

section 11 of ITEPA 2003 (calculation of “net taxable earnings”), and

d

section 872 of ITTOIA 2005 (losses from miscellaneous transactions calculated on same basis as miscellaneous income).