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Cairns Ltd has had the following results:
Y/e 30 June 2023. Y/e. 30 June 2024
Tax adjusted trading profit/(loss) (40,000) 25,000
Chargeable gains 9,000 45,000
Qualifying charitable donations paid (2,000) (3,000)The company wishes to claim relief for the trading loss as soon as possible.
For each of the following statements concerning the loss relief claimed by Cairns Ltd select whether it is true or false:
Cairns Ltd must make a claim for any loss relief claimed by 30 June 2025. (True / False)
What do you want me to do? I’m not here to answer the question for you – what’s the problem?
My answer is True because you have to claim the carry forward relief in 2 years following the current period but the answer is saying otherwise. Am I missing something?
There must have been other options as the question says so.
Where did you get the question?Kaplan Q239, latest version
There are no other options to choose from.
Other questions are (True/False which i have guessed correctly as both false):
-Cairns Ltd’s taxable total profits in the year ended 30 June
2024 are £27,000-The trading loss may not be offset against chargeable gains
(And there are no explanations in the back about this.)
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