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Loss relief

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Loss relief

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by arowosegbemassive.
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  • December 6, 2021 at 6:04 pm #642787
    arowosegbemassive
    Member
    • Topics: 16
    • Replies: 12
    • ☆

    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..

    December 20, 2021 at 11:12 am #644600
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    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

    December 27, 2021 at 7:09 am #644885
    arowosegbemassive
    Member
    • Topics: 16
    • Replies: 12
    • ☆

    Thank you…

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