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sir kindly help for understanding corporation tax carry forward trading loss
1.if loss arise in the year of 19/20 can we set loss relief against total income by using carry forward loss relief or 2.only use for future set off against this loss for 20/21 income both condition which correct?
are we set off 19/20 trading loss against 19/20 total income for this condition set off which section will be used?You need to go back to your notes and lectures as the question you ask shows a fundamental lack of understanding between corporation tax and income tax which must not be repeated in the exam room as this will lead to a fail.
You ask a question about CORPORATION TAX losses and then state loss relief rules for INCOME TAX!
You must learn and correctly apply the separate rules for corporation tax (company losses) and income tax losses (unincorporated traders)!
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