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Good morning Sir
Please, I was reading the chapter 7 Illustration one in page 50 in opentuition notes and it is stated that the loss relief for 2012/13 tax year is £70.000.
Sorry, I do not undestand were does it come from. Please can you make me undestand it?
Best regards
ETIf you read the note again and look carefully at the model answer you will see that the 50,000 limit does not apply to any trading profits of the preceding tax year (20,000) which can be relieved in full but the 50,000 limit does then apply to all other income ie the 60,000 employment income. Hence 20,000 and 50,000 is the 70,000.
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