ACCA Taxation (TX-UK) Tax Adjusted Trading Losses in opening years
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First of all thank you so much for your time.
Can you please confirm why the relief applied in 2017-2018 was £70 K as opposed to £75K? I thought partial claims were not allowed?
Sir, with regards to the election to use unused losses after reducing curent/previous year profits against CGT, does this apply to relief above the cap unable to be used in any of the years but still not reducing profits to zero? For example if the cap is £50,000, loss is £100,00 and the previous year taxable profits were £75,000, there still remain £25,000 unrelieved, can this amount reduce CGT even though the total profits weren’t reduced to zero?
But i feel 38000 can still be further relieved from total income of 16/17…please why is it not so?
Thanks
Hi Sir, how about the calculating overlap profits at the end of third year? should that be 8000 pounds [ 2/12*48000] or should we be setting it off against the loss of 4000 while arriving at the amount of 4000 pounds as overlap profits [8000-4000]?
8000 pounds it is. ( saw the next lecture, also mentioned in the solution at the end.)
In Example 3, How did you get the Annual Exempt Amount as 11300 pounds? I didn’t get that?
you don’t get it that is fixed
Sir, in the last example, the last CYB period.. Arent we paying for 4000 tax for which we already are taxed the previous period?