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Trading loss relief – income tax

Forums › ACCA Forums › ACCA TX Taxation Forums › Trading loss relief – income tax

  • This topic has 0 replies, 1 voice, and was last updated 1 year ago by opeyemiogunjimi.
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  • April 14, 2024 at 5:25 pm #703923
    opeyemiogunjimi
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    • Topics: 16
    • Replies: 26
    • ☆

    I am really trying to understand how trading losses are relief against income better. I have a scenario:

    A earns in 2023/24 £90,000 annual PAYE income and pay taxes directly through employer
    However, A also traded options in 2023/24 and lost all invested £42,000.

    My questions are;
    1. Can A claim tax relief on the full £42k options loss against the £90k income in 2023/24?
    2. If yes to the above, is this done through self assessment?

    Scenario two:

    Assuming same case as above but the loss was made in 2020/21. Can A still go back and claim the relief against the 2020/21 income, eventhough it is currently 2024?

    I hope someone can help with the above query.

    Thanks,

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