Part 1 Income Tax
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 2 Temporary Extension of Periods to which Trade Losses may be Carried Back

Section 18

Part 1 Income Tax

Relief for trade losses made in tax year 2020–21

1

(1)     A person who has made a loss in a trade in the tax year 2020–21 may make a claim for relief under this paragraph if—

(a)     some or all of the loss (“the section 64 amountâ€) is an amount in respect of which the person is entitled to make a claim under section 64 of ITA 2007 (trade loss relief against general income) or would be so entitled were there sufficient income from which to deduct it, and

(b)     condition A or B is met.

(2)     Condition A is that the person makes a claim under section 64 of ITA 2007 for relief in respect of the section 64 amount for either or both of the tax years 2019–20 and 2020–21.

(3)     Condition B is that the person's total income for the tax years 2019–20 and 2020–21—

(a)     is nil, or

(b)     does not include any income from which a deduction could be made in pursuance of a claim under section 64 of ITA 2007

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