(1) For the purposes of this section -
‘the Acts’ has the same meaning as it has in section 1095;
‘basis period’, in respect of an individual carrying on a trade or profession for any year of assessment, is the period on the profits or gains of which income tax for that year is to be computed under Case I or II of Schedule D in respect of that trade or profession or where by virtue of the Acts the profits or gains or income of any other period are to be taken to be the profits or gains or income of that period, that other period;
‘estimated relevant allowances’ means an amount that, based on the best estimate that may reasonably be made, is likely to equal the amount of the relevant allowances when the amount of those allowances is calculated in accordance with section 304(3A);
‘estimated relevant loss’ means an amount that, based on the best estimate that may reasonably be made, is likely to equal the amount of the relevant loss when the amount of that loss is
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