Loss relief (opentuition note example 5, chapter 7)

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May 15, 2014 at 6:06 pm #168942
Hussain
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can any one help me to know if there is any overlap profits in these situations..
May 15, 2014 at 10:35 pm #168959
Needs to pass
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Any loss that incurrs in the first year BUT not the second year is simply overlaps profit/loss

If the first 2 years of a business are both loss making, then the overlap profit is relieved in the second year. As otherwise this would allow the loss to be double counted.
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