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Loss relief

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

  • This topic has 3 replies, 2 voices, and was last updated 11 years ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • June 2, 2014 at 9:17 am #172556
    tarek
    Participant
    • Topics: 45
    • Replies: 57
    • ☆☆

    Dear tutor
    Can you explain to me when trading loss and capital loss relief
    To preserve PA and AA and when cannot preserve it
    Thanks

    June 2, 2014 at 11:27 am #172590
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You cannot make partial income tax loss relief claims in order to preserve the use of the PA. All that may be possible is to restrict the capital allowances claimed so as to give you the right amount of adjusted trading loss which when applied in full will still leave the taxpayer with sufficient income to cover the PA.
    The new restriction however on the maximum amount of loss that may be set off against total income (see OT course notes) may have the effect of leaving sufficient income to cover the PA.

    I assume by AA you mean the Annual Exempt Amount (AEA) for CGT purposes. Capital losses must be set off against all gains of the same tax year but when a capital loss is carried forward you only have to use sufficient to reduce the net gains of that year down to the level of the AEA.

    June 2, 2014 at 2:19 pm #172648
    tarek
    Participant
    • Topics: 45
    • Replies: 57
    • ☆☆

    I can use this abbreviations PA.
    AEA and AA in exam tomorrow or this will lost me marks

    June 2, 2014 at 4:22 pm #172745
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    PA and AEA may be used in the tax computations but the full title should be used in any written question.

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