Income Tax Act 2007 section 63

Prohibition against double counting

Section 63 prevents the same loss, or the same part of a loss, from being relieved more than once under the provisions of this chapter or any other part of the Income Tax Acts.

• Once relief has been given for a loss (or part of a loss) under any provision of this chapter, no further relief may be claimed for that same loss or part
• The prohibition applies both within this chapter and across the wider Income Tax Acts
• The rule covers entire losses as well as any specific portion of a loss that has already been relieved
• A separate rule in section 206 of ITTOIA deals with the situation where a trade loss might otherwise fall into calculations for two successive years, ensuring it is only counted in the first year