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Capital loss

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Capital loss

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • November 21, 2015 at 2:26 pm #284328
    csacct1
    Member
    • Topics: 14
    • Replies: 19
    • ☆

    Hi Sir,

    I have this question regarding loss relief.

    ……………………………….y/e 31.3.12…….y/e 31.3.13……9mths to 31.12.13…….y/e 31.12.12
    Trading profit/(loss)……40,000………….6,500…………. 4,500…………..(100,000)
    Bank deposit interest….200………………..80…………….240………………. 260
    Capital gain…………………0…………………0……………12,680……………-
    Allowable capital loss…5,000……………..0………………-…………………9,423
    Gift aid donation……….1,000………………0……………..1,000………..1,500

    I read my book, it says capital loss can be only set against capital gain in the same or future accounting periods. In this case, the trading loss would be carried backwards 12months, and what about the capital loss? the 5000.

    November 25, 2015 at 5:08 am #285054
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    As you stated a capital loss will firstly be set off against gains in the same accounting period and then any unused loss will be C/F. This is a very different rule to those that apply to the use of trading losses. In the above question therefore the capital loss of 5,000 will be c/f to set off against the next gains that arise, which is the 12,680 in the period to 31.12.13 and this will apply before the trading loss of the next accounting period is carried back for use in the period to 31.12.13

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