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Hi there great lessons , really appreciate this free useful source !
Just a quick question regarding max loss relief . Is it also including opening year loss relief so does the Max of 50,000 or 25% of adj total inc figure apply to special opening year loss relief ?
The max loss relief does not apply to company’s if that’s correct ?
Obv it doesn’t apply to TLR for IND as TLR for IND is against previous trade profits …
Thank you in advance to clear this up but couldn’t see no mention of whether max loss relief applies to OYLR or not ..
Thanks Martin
In reality the max loss relief restriction does also apply to the opening years loss reliefs, BUT this is not included within your syllabus so that you will only see it being tested in conjunction with the claims against total income of the current tax year and/or preceding tax year – see OT study notes – p.44 chapter 7 section 4(c).
These rules do not indeed apply to companies – corporate loss reliefs are dealt with later in the notes.
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