HC Deb 16 December 1949 vol 470 c350W
Mr. Granville

asked the Financial Secretary to the Treasury to what extent his regulations entitle small fishermen working light trawlers, who have paid Income Tax in previous years, to a rebate on unprofitable years or to set off such losses against future profits.

Mr. Glenvil Hall

In general, a trader who incurs a loss in any year relief in respect of which cannot be wholly given by set-off against the profits for that year of any other trade which he carries on, or by repayment of part of the Income Tax paid upon other income for that year, is entitled to carry forward any unrelieved part of the loss and set it off against profits of the trade in which it was incurred for the six following years. If the hon. Member has any particular case in mind I will look into it if he will furnish me with the necessary details.

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