Income Tax Loss

A

AndyMc

Guest
I'm a sole trader and made a profit in 2006 and paid my taxes.
I'm looking at a loss for 2007.
Can I reclaim some of the tax I paid in 2006 back by writing off my 2007 loss against it?
Or is this just a loss I can cary forward in use in future years?
 
Losses are carried forward, or available for set off against other income of the same year, except in certain cases of cessation where terminal loss relief may result in a back claim against earlier profits. The relevant legislation is sections 381-390 of the TCA 1997
 
Thanks for that.
Not the answer I wanted but that can't be helped.
 
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