Chapter 6 Tax Adjusted Trading Losses – Individuals TX-UK FA2023
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In example 4, why would you claim 2000 loss in year 3 as it would mean he would lose out on the PA of 12,570?
PA of 12570 is not lost because of 2000 loss claim, rather it just reduces the net income amount by 2000 and then PA is deducted from net income. The thing you should pay attention to is whether the net income (total income – reliefs) being lower than PA amount (12570). So, if lower than PA, then PA would be wasted.
Illustration 1 in the third video shows that we can use the full amount of profit from the same trade when we relieve a previous year loss.
However, I thought you can only use profit from the same trade to relieve losses when you carry forward. That’s what the tutor explained in video one.
The MCQ1 doesn’t mention a salary for 2023/24 so have you made an assumption or have I misunderstood the question
sorry should have watched the whole thing
What rule did you used in example 2 ?? And why deduct 38000 in 2021/22 like you did in year 2022 /23 and why cant we used c/y
The last lecture is about terminal loss. I couldn’t find lecture after you have done example 2. Is it any glitch from my end or the lecture isn’t uploaded yet.