Commentary on Sections Overview Overview Section 129: How relief works
417.This section explains how deductions are made. It is based on section 380(1) and (2) of ICTA.
418.Subsections (2) and (3) provide that, if claims are made in respect of employment losses incurred in successive tax years and both claims specify that the relief is to be given against income of the same tax year, the claim in respect of the loss in the earlier year takes priority.
419.Subsection (4) makes it explicit that this rule also operates in relation to the interaction between claims for employment losses and those for trade losses.