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good lecture OT
why not make the loss allowance after PA adjustment? ie £23525?
Current year income was nil (as it was 84k loss), and previous year income was (25k + 6k = 31k).
So 31k can be taken away from previous years income as a relief, the remaining (84-31) 53 cannot be relieved from any further previous years, but only from future trading profits from the same trade only.
In the Example 2 why we don`t set off the trading loss from y/e 2011/12 against total income preceding 3 tax years (y/e 2008/09, 2009/10, 2010/11) using FIFO method but we set-off against only the total income the preceding tax year 2010/11.
@anastell, Hi anastell, i think it is because the 3 year rule applies only in Opening year loss relief and terminal loss relief (cessation).
In this example, this loss period was not opening or cessation period.
@anastell, because they havnt told that the business is started four year before. we only do that stuff which u talkin about if u started business within four year time we go back 3 years otherwise take current if can then preceeding tax year! i hope i right!! m i??
Great lecture. Thanks a lot!!