FURTHER RELIEF FOR LOSSES IN EARLY YEARS OF TRADE (Hansard, 12 July 1978)

§ Mr. Denzil Davies

I beg to move amendment no. 4, in page 20, line 25 at end insert— '(10) This section applies, with the necessary modifications, in relation to a profession or vocation as it applies in relation to a trade.'. The amendment fulfils an undertaking given in Committee by my right hon. Friend the Chief Secretary to achieve the purpose of an amendment tabled by the right hon. Member for Crosby (Mr. Page)—to extend what is now clause 26, which deals with the carry-back relief for losses in the early years of trade to professions and vocations. My right hon. Friend recognised that there were sometimes problems of definition whether a particular activity constituted a profession or a trade in mixed businesses. The amendment fulfils that undertaking.