Lee Sharpe looks at the loss reliefs available on the commencement of a new business.
This article covers the key loss reliefs available to businesses on commencement:
- General sideways loss relief against total income (not available only on commencement).
- Opening years losses.
- Losses on incorporation.
- Transfer of trade under common beneficial ownership.
General sideways loss relief
Most practitioners will already be familiar with the standard income tax relief against general income for trading losses (ITA 2007, ss 64–66). The relief is very
