Making best use of a loss: sole traders and partners

1. [Carried-forward relief](https://library.croneri.co.uk/po-heading-id_FO9-ced_uEu_81zSxmX3zQ)

1.1. Offset against trade income

1.2. Next year and so on

2. [Sideways relief](https://library.croneri.co.uk/po-heading-id_LtPrxu0fvku0ptyytcAk5g)

2.1. Offset against general income

2.1.1. Of current year

2.1.2. Of prior year

2.1.3. Both

2.2. Restrictions apply

2.2.1. Not available if cash basis used

2.2.2. Cap on total reliefs applies

3. [Early years' loss relief](https://library.croneri.co.uk/po-heading-id_R8TZgAN43k2Jy-ddM9XP2Q)

3.1. Loss in first 4 tax years

3.2. Offset against general income

3.2.1. Of last three tax years

3.2.1.1. FIFO basis

3.3. Restrictions apply

3.3.1. Not available if cash basis used

3.3.2. Cap on total reliefs applies

4. [Terminal loss relief](https://library.croneri.co.uk/po-heading-id_vUrj9Cnhb0CUmhVPxyTQpA)

4.1. Loss of last 12 months

4.2. 23-24 basis period reform

4.2.1. Loss related to deduction of overlap profits

4.3. Offset against trade income

4.3.1. Last three years

4.3.1.1. LIFO