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Hi
In the tuition notes it says that
1.there is no time limit on the carry forward period
2.a claim must be maid within 2 years of the end of the accounting period in which the loss to be relieved.CTA2010 S62 Relief for losses made in UK property business says ‘the amount is carried forward to the next accounting period’ and ‘a claim must be maid within 2 years after the end of the next accounting period’
They do not say ‘periods’ and 2 years for a claim are given after the end of the next accounting period but not of the accounting period in which the loss to be relieved
I read CTA as carrying forward losses is limited by the next accounting period only and 2 years for a claim after its endCould you please advise what I am missing here?
Are there any other legislation, guidance, etc what clarifies CTA further allowing to carry forward losses with n time limit?Thank you
You need to know what is in the study notes and lectures to pass the exam and if you want to know 100% of the syllabus then what is in a study manual published by an ACCA provider – you definitely do not need to nor should you be looking at detailed tax legislation.
My aim is to be a good accountant and not just to pass exams.
It would be good to know what is the right thing to do.
Notes say these losses can be carried over with no time limit.
Legislation says opposite and you are saying I should rely on ACCA notesThe note I believe you are quoting from within the OT Study Notes applies to trading losses whereas you appear to be referencing property business losses.
My aim is to help people pass this exam and for any detailed points beyond the scope of these notes you rely on the ACCA approved Study Manual
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