Chapter 18 – Tax Adjusted Losses – Companies – ACCA Taxation (TX-UK) lectures
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In my study text they do a carry back the loss was made y/e.22 they have a short period in 21 which they carry back but then they also carry back the loss into y/e20 but how is this possible if limited to 12 months
It’ll be because 2019 is the only year that has taxable profit remaining after the loss relief so we can therefore use the QCD, in the other years the profit is offset in full already so there is nothing to use the QCD on
QCD is relieved the last (that is after loss relief), if there is profit. But since you used in full the profits for the other years, then there is nothing left to offset (relieve) agains QCD.
Can anybody tell me what’s happening with QCDs in example 4 ? Why are we only deducting QCD from 2019 whilst the rest of them are unrelieved ?