- This topic has 3 replies, 2 voices, and was last updated 10 years ago by
.
- Posts
Hi,
I need clarification on this please:
“Trading losses may be relieved in the following ways for corporation tax purposes:
claimed in the current year and set against total profits including capital gains; Corporation Tax Act
a claim to carry back against prior year profits including capital gains; ”Does this mean that if there is a loss in 2013/14 and I claim this against current year’s income, I can then also use the remaining loss against chargeable gains in the prior year, 2012/13. Or is it strictly carry back loss to 2012/13 allows me chargeable gain relief usage for the same year of 2012/13 only?
This would help a lot to know.
Regards,
YazanYou have clearly not studied the relevant sections in the OT course notes which you must do first! You introduce your question discussing corporation tax losses and then refer to income tax years and issues that refer to income tax losses. You are clearly confusing income tax and corporation tax – go back and learn from the notes and practice exercises.
Sorry but I am specifically referring to income tax. The “corporation tax” is just a copy and paste.
So in reference to Trading loss relief (NOT for corporations!), could you please advise?
Regards,
Yazan
- You must be logged in to reply to this topic.