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 to 2023-24 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. »Ê¹ÚÌåÓýapp 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 (PM162000) 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
    Types of relief - 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