| 单词 | loss reliefs |
| 释义 | loss reliefs loss reliefs Relief available to sole traders, partnerships, and companies making losses, as adjusted for tax purposes. Capital allowances can create a trading loss or can enhance it. Trading losses can be carried forward to set against future trading profits. For sole traders and partnerships, trading losses can be set against other income for the year of the loss and for the previous year. Partners can decide individually how to use their share of the losses. Special rules apply to trading losses in the early years of a trade. These losses can be carried back three years to a period before the trade commenced. It is possible to set trading losses against capital gains if the loss cannot be used first by setting against other income during the year. For companies, a trading loss can be set off against the profits of the previous 12-month period provided the company was carrying on the same trade during that period. Capital losses can be set against capital gains in the same period. Any surplus capital loss that cannot be utilized during the current year must be carried forward to set against future capital gains. Capital losses cannot be set against other income, unlike trading losses. See alsoterminal-loss relief. |
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