Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › First four years special relief
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JillyB.
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- February 22, 2024 at 3:45 pm #700894
Anonymous
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Q13 MAX, page #329 , the loss relief for 2021/22 is given against 18/19, 19/20 and 20/21
Why isn’t it 19/20, 20/21 and 21/22 , don’t we use total income of current tax year?
Page #238 answer to eg 5
Loss relief for 2020/21 is seta against 18/19, 19/20, and 20/21 ?
Which is the correct one? Do we include current year tot income? Or the prev 3 years?Special loss relief arising in first 4 tax years
Suppose trading started on tax year 2018
Relief is given only for 2018,19,20 and 21 ?
Loss in 21/22 set against 18/19,19/20,20/21Loss in 20/21 set against 19/20, 20/21
Is it like that? The rule is loss carried back three tax years, but we have applied it differently in both questions.. I didn’t understand..
February 26, 2024 at 5:12 pm #701203Carry back of losses in the first year of trade – FIFO so 18/19 first.
This is a separate loss that can be claimed from CY and/or PYThe rules are clear – follow them. The question may have different circumstances
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