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when we claim for Special opening year relief..we first set off the losses from the total income of previous tax years on FIFO basis ..but what if there are still any losses remaining to be relieved ?
How do we obtain relief on remaining losses.. Do we just adjust it for set off against future trading profits or we can also set off that remaining loss against total income of the tax year in which the trading loss has incurred ?Q2. can we claim both special opening year relief and at the same time claim on total income also (against total income of both the tax year and previous tax year)
Or we can claim only one thing and carry forward the losses to set off against future trading profits ?In the unlikely circumstance that a loss is bigger than the total incomes of all the preceding 3 tax years then as you suggest the other loss reliefs will then be considered – set off against total income of the current tax year and/or with any remaining loss carry forward against future trading profits of same trade.
Q.2 The taxpayer will decide which loss relief to claim first and if then any loss still remains, which other relief(s) then to claim
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