Income Tax Act 2007 section 59

Overview of Part

Section 59 provides an overview of Part 4 of the Income Tax Act 2007, which deals with income tax relief available for various categories of loss.

• Relief is available for losses from trades, professions, vocations, property businesses, employment, share disposals, and miscellaneous transactions
• Trade and UK property business losses include relief for certain post-cessation payments and events
• The Part must be read alongside Chapter 3 of Part 2, which governs how reliefs are deducted when calculating net income
• Losses are generally calculated on the same basis as the corresponding profits or income for each category