Section 153 | How relief works

This section explains how the deductions are to be made. The amount of the loss to be deducted at any step is limited in accordance with section 25(4) and (5).Step 1Deduct the loss from the relevant miscellaneous income for the loss-making year.Step 2Deduct from the relevant miscellaneous income for the next tax year the amount of the loss not previously deducted.Step 3Continue to apply Step 2 in relation to relevant miscellaneous income for subsequent tax years until all the loss is deducted.