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in part (a) why does not we preserve the personal allowance in calculationg the trading income? in answer sheet it is written wasted.. but there was enough loss to be carried forward for offset against chargable gains. plz help
From what you have said I think you have not understood the loss relief rules. If the taxpayer wishes to make a claim against chargeable gains this is only possible if the taxpayer has firstly made a claim against the total income of that tax year – this means that the PA will always be wasted as partial claims against total income are not allowed.
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