Revenue Note for Guidance

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Revenue Note for Guidance

661 Farming: restriction of relief in respect of certain losses

Farming losses incurred when a farmer was not chargeable to tax in respect of farming profits may not be carried forward for use against chargeable profits in later years.

(1) The section relates to losses incurred by a farmer in a year in which the farmer was outside the scope of a tax charge on farming profits – it refers to a time when certain farmers were not chargeable to tax because of the rateable valuation of their farms.

(2) Such losses may not be carried forward to be relieved in later years.

Relevant Date: Finance Act 2020