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Good afternoon,
I am slightly confused with the opening years loss relief rules.
Is it that if I make the opening years election to carry the loss back 3 years on a FIFO basis that I can no longer elect to take relief in the year in which the loss arises?
Following on, based on the answer above, if this comes up in an exam will it specify “use the opening years election”?
Thanks!
You cannot use the same amount of loss more than once and there are no overlap losses, but you do get to choose which loss relief you would prefer to use. A question requirement may specify which loss relief to apply or simply ask you to identify which reliefs are available and then advise which of those reliefs should be chosen.
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