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Ask the Tutor ACCA TX-UK

loss carry back

Former userFormer user6y ago

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TTTax Tutor6y ago#1
No - we always use the first loss first so if a profit making period is both preceded and followed by loss making periods, then the loss b/f into the profit period is used first, if some profits still remain then the loss made in the following period if firstly used in a current period claim for that year may then be carried back to the profit period
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