Commentary on Sections Overview Overview Section 64: Deduction of losses from general income
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.