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Dear Tutor, I have noticed a article about this topic, the link is hear: https://www.moorestephens.co.uk/MediaLibsAndFiles/media/MooreStephensUK/Documents/Tax-Cap-on-unlimited-tax-reliefs.pdf?ext=.pdf
the example shown in this article as follows:
………………………………………………………….2014/15…………………….2015/16
employment………………………………………. 100,000………………………500,000
partnership trading………………………………..20,000…………………………………..loss(300,000)
relief……………………………………………………(50,000)…………………..(125,000)
total…………………………………………………….70,000………………………375,000loss relief memorandum:………………………………………………………. loss 300,000
relief 2015/16 500,000 X 25% more than 50,000…………………………..(125,000)
relief 2014/15(100,000+20,000)X25%=30,000 less than 50,000, so ..(50,000)
…………………………………………………………………………………………………125,000 carry forward to next .
my question is that in terms of relief in 2014/15, relief should be 100,000+50,000 =150,000 instead of 50,000 , based on instruction in note, would you please help me which way is right?
many thanksI fear that from your questions you have become way too concerned with fine points of detail that are irrelevant in terms of whether you pass or fail the F6 exam. Your focus needs to be on ensuring that you can deal with the core issues of each of the taxes!
In respect of this query the max S64 claim available in 2014/15 is £70,000 being the full amount of trading income 20,000 plus a max 50,000 in relation to the other income ie employment income of the year – see illustration in OT course notes page 49
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