153How relief works
This section has no associated Explanatory Notes
This section explains how the deductions are to be made.
The amount of the loss to be deducted at any step is limited in accordance with section 25(4) and (5).
Step 1
Deduct the loss from the miscellaneous income for the loss-making year.
Step 2
Deduct from the miscellaneous income for the next tax year the amount of the loss not previously deducted.
Step 3
Continue to apply Step 2 in relation to miscellaneous income for subsequent tax years until all the loss is deducted.