B2.810 Claims for post-cessation trade reliefRelief from income tax may be claimed for a payment of qualifying expenditure, or the appropriate amount of the debt (in the case of qualifying events) to be deducted in calculating the person's net income (see ITA 2007, s 23, Step 2) for the tax year in which the expenditure is incurred1. It must be claimed within 12 months of 31 January following the year in which the payment was made2.However there is a limit on the amount of income tax relief that an individual may deduct at ITA 2007, s 23, Step 2 in relation to certain reliefs, one of which is post-cessation trade relief. The limit is the greater of £50,000 or 25% of the
Relief from income tax may be claimed for a payment of qualifying expenditure, or the appropriate amount of the debt (in the case of qualifying events) to be deducted in calculating the person's net income (see ITA 2007, s 23, Step 2) for the tax year in which the expenditure is incurred1. It must be claimed within 12 months of 31 January following the year in which the payment was made2.
However there is a limit on the amount of income tax relief that an individual may deduct at ITA 2007, s 23, Step 2 in relation to certain reliefs, one of which is post-cessation trade relief. The limit is the greater of £50,000 or 25% of the
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.