Terminal Loss Relief when a business or trade ceases
Where a trade or profession has ceased permanently and in the 12 months to the date of cessation a loss has been sustained (terminal loss) the loss may be set off against trading profits of the trade or business in the three years prior to the year of cessation.
This may generate a tax refund for year of cessation.
This is provided this loss has not been claimed under any other section.
Any queries on the above please do not hesitate to contact me on 091 763817 or email me at firstname.lastname@example.org