250.This section provides for trade loss relief against general income. It is based on section 380(1) of ICTA.
251.“Trade loss relief against general income” is a descriptive label for the relief covered by this section; the words “general income” are not used in Chapter 3 of Part 2 (calculation of income tax liability).
252.The section makes explicit what is only implicit in section 380(1) of ICTA:
	in subsection (2), that a claim may be made for both the tax year in which the allowable loss is incurred and the previous tax year;
	in subsection (3), what is required in practice to establish how the claim is to apply to each year;
	in subsection (4), that, in the case of a claim in respect of one year only, the claim must specify which year; and
	in subsection (6), that a claim specifying one year does not prevent a further claim (in respect of an unused part of the loss) which specifies the other.
Commentary on Sections Overview Overview Section 64: Deduction of losses from general income