(1) In this section -
'aggregate income for the tax year' has the same meaning as in section 531AL;
'specified loss', in relation to a tax year and a specified trade, means any loss sustained in the course of the specified trade, which is referable to a deduction allowed in computing the profits or gains of the trade, in respect of either or both -
(a) interest on borrowed money employed in the purchase or development of land which is held as trading stock (within the meaning of section 89) of the trade, and
(b) any reduction in the value of land held as trading stock (within the meaning of section 89) of the trade;
'specified trade' means a trade, or a business which is deemed to be a trade by virtue of section 640(2)(a), consisting of or including dealing in or developing land to which Chapter 1 of Part 22 applies;
'specified trader', in relation to a specified trade and a tax year, means an individual in respect of whom that part of the total of the individual's aggregate income for
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