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S854(4) Income Tax (Trading and Other Income) Act 2005, S89 Income Tax Act 2007

A partner who ceases to be a partner in a continuing business can claim terminal loss relief on their share of the partnership trade loss, see PM202000.

The remaining partners� share the partnership trade loss which can be set against general income or carried forward against their share of future profits arising from the same trade, see PM191200 and PM203000.