Section 100 | Meaning of “trading loss”

(1)In section 99(1)(a) “trading loss” means a loss made in a trade in the surrender period.

(2)But it does not include—

(a)a loss made in a trade carried on wholly outside the United Kingdom, or

(b)a loss that is not eligible for relief under section 37 as a result of section 44 or 48.