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Carry back claim

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Carry back claim

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Tax Tutor.
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  • June 6, 2021 at 1:31 pm #623442
    Nellikalayil
    • Topics: 6
    • Replies: 6
    • ☆

    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

    June 6, 2021 at 11:37 pm #623542
    Tax Tutor
    • Topics: 2
    • Replies: 3927
    • ☆☆☆☆☆

    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

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