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BIM85000 | Trade losses: contents

From HM Revenue & Customs · Business Income Manual

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. 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 (PM162000) for the rules relating to partnership losses.

For restrictions on relief for trade losses, see BIM85700 onwards.

This chapter contains the following:

Contents18 entries

  1. BIM85005Trade losses: when a loss is made
  2. BIM85010Trade losses: types of relief
  3. BIM85015Trade losses - types of relief: relief against general income
  4. BIM85022Types of relief - Extended loss relief - 2020-21 and 2021-22 losses
  5. BIM85025Trade losses - types of relief: relief against chargeable gains
  6. BIM85030Trade losses - types of relief: relief against chargeable gains - computation of relief
  7. BIM85035Trade losses - types of relief: relief against chargeable gains - gains subsequently relieved
  8. BIM85040Trade losses - types of relief: relief against chargeable gains - examples
  9. BIM85045Trade losses - types of relief: relief for losses made in early years of trade
  10. BIM85050Trade losses - types of relief: relief for losses made in early years of trade - breaks in trade
  11. BIM85055Trade losses - types of relief: terminal loss relief
  12. BIM85060Trade losses - types of relief: carry forward of losses
  13. BIM85065Trade losses - claims to relief
  14. BIM85070Trade losses - claims to relief: claims involving more than one year
  15. BIM85075Trade losses - claims to relief: time limits for claims
  16. BIM85080Trade losses - claims for relief: part claims and priority of claims
  17. BIM85085Trade losses - claims to relief: changes to claims
  18. BIM85090Trade losses - claims to relief: title to relief