Terminal Loss Relief

1 Posts
1 Sections
1 Types

Definitions

Terminal Loss Relief Loss Relief Business Termination Tax Deductions Sole Trader Company Profits Business Taxation

Relief for a loss made by a company, partnership, or sole trader during the last 12 months of trading. The business or profession must be permanently discontinued to qualify. The trading loss arising in the accounting period in which the trade ceases may be carried back and offset against the profits of the three years ending immediately before the commencement of the final period of trading.