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Nellikalayil
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If the question asks us to relieve losses against CY and PY total income is it fine if we relieve losses against PY total income first or is it always necessary to start from CY income?
Please clarify, thankyou
Tax Tutor
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As per the study notes and lectures an individual may choose to claim against the total income of the current tax year and / OR the preceding tax year
In corporation tax however a company MUST make a claim in the current accounting period before it may claim in the preceding accounting period
Nellikalayil
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