terminal-loss relief

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Relief for a loss made by a company, partnership, or sole trader during the last 12 months of trading. The business or profession must be permanently discontinued. The trading loss arising in the accounting period in which the trade ceases may be carried back and offset against the profits of the three years ending immediately before the commencement of the final period of trading. See loss reliefs.

Subjects: Financial Institutions and Services — Accounting.

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