Loss Relief
/ˈlɒs rɪˌliːf/
Definitions
- (n.) A tax provision allowing individuals or companies to offset losses against profits to reduce tax liability.
The company claimed loss relief to reduce its taxable income after a significant trading loss.
- (n.) A legal remedy permitting a party to recover damages or compensation for a financial loss sustained.
The claimant sought loss relief through damages awarded by the court following the breach of contract.
Forms
- loss relief
Related terms
See also
Commentary
Loss relief is primarily used in tax contexts to reduce taxable income by offsetting losses; it can also refer to legal remedies compensating financial harm.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.