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Chapter 7 – tax adjusted trading loss
Eg 2.
In that question’s answer,there is a trading loss for 2014/15 & loss relief from total income has not been claimed in the year of loss but have been only claimed in the previous year of loss.
Sir,why is it so??As it says in the note that follows the working there is nothing to be gained by a claim against TOTAL INCOME as there is no tax being paid in the tax year anyway as the PA is already bigger than the total income figure so the taxable income for 2014/15 is already nil before any loss relief claim is made!
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