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CLAIM AGAINST CAPITAL GAIN

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › CLAIM AGAINST CAPITAL GAIN

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Tax Tutor.
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  • June 16, 2021 at 11:08 am #625425
    ABDULLAHI312
    Participant
    • Topics: 90
    • Replies: 74
    • ☆☆

    HI SIR. I HOPE YOU ARE DOING GOOD.
    IN THE EVENT WE MAKE CLAIM AGAINST THE TOTAL INCOME OF BOTH PRECEEDING AND CURRENT YEAR,WHICH OF THE TWO YEARS’ GAIN WILL WE CLAIM THE REMAINING LOSES? OR SHOULD WE JUST CARRIED FORWARD AND CLAIM AGAINST FUTURE TRADING PROFITS? PLS CLARIFY THIS PART.
    THANKS.

    June 17, 2021 at 3:29 pm #625594
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    In your example as claims have already been made against total income in both tax years you can choose to claim the relief against chargeable gains in either tax year – the requirement to be able to make that claim is simply that for the tax year in question you have already made a claim against total income.
    If you do not wish to make such a claim then the loss will be carried forward

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