PM209000 | Changes of partners: loss relief

S854(4) Income Tax (Trading and Other Income) Act 2005, S89 Income Tax Act 2007

A partner who ceases to be a partner in a continuing business can claim terminal loss relief on their share of the partnership trade loss, see PM202000.

The remaining partners’ share the partnership trade loss which can be set against general income or carried forward against their share of future profits arising from the same trade, see PM191200 and PM203000.