tax loss
noun[C]
ukusACCOUNTING,TAX
asituationin which acompanyorinvestmentlosesmoneyin aparticularperiod, so there is notaxtopayon it, and in somecasestaxpaidonprofitsinpreviousperiodscan be got back:
If you make aninvestmentthatcreatesataxloss, you can then use thislosstoreclaimincometaxpaidpreviously.
GOVERNMENT,TAX
asituationwhere thegovernmentcollectslesstaxthan it would havenormallycollectedin aparticularperiod:
Thefraudresultedin ataxlossto thepublicpurseinexcessof £400,000.