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 amount”) 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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