1. avatar says

    I did not understand the answer for example given at back. If we are saying that AA (annual allowance is limited to 50,000 then how can we utilise AA above 50,000 for tax year 2013/14 to 65,000.
    please explain.

    • avatar says

      it said IF it was 65000… well if it were, then it would use the annual allowance of the current tax year of 50000 and if not sufficient( as it is the case here), we use any unused annual allowance brought forward from the preceding 3 years on a fifo basis against the remaining 15000(65000 – 50000)…

      I hope it helps

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