Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Don’t lose out

02 June 2009 / Penny Bates
Issue: 4208 / Categories: Comment & Analysis , Business , Employees , Income Tax
PENNY BATES provides a refresher course on the use of loss relief for sole traders


  • Defining a loss and carry forward.
  • Set off of current and prior year losses.
  • Extending the relief to capital gains.
  • Opening and closing year losses.
  • Recent budget proposals to extend loss relief.
  • Don’t forget relief against National Insurance.

The current tricky economic situation has led to some businesses failing and others realising trading losses but it does not seem to have prevented some new business start ups which in their early years may also realise losses.

This article will take an overall look at the loss relief available to sole traders as undoubtedly more such claims to loss relief will now be being made. First we will look at:

  • losses carried forward – ITA 2007 s 83;
  • losses set...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon