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Hello,please I want to be sure about a particular treatment…
In carryiny forward a loss for an individual, it’s said the loss to be carried forward should not exceed the actual loss in a situation where for example
Loss in year 1 was say $3000
Loss in year 2 was say $4000
How much loss is carried forward I year 3 ?
Restricted to actual loss of $3000 or the accumulation of losses in both years?
Thank you in advance..Firstly my apologies for not being available until now to answer your question
If the actual losses in years 1 and 2 have not been used in any other relief claim then all £7,000 would be c/f to year 3
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