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Qualifying charitable donations and loss relief

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Qualifying charitable donations and loss relief

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Tax Tutor.
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  • May 20, 2016 at 11:43 am #316036
    samara182
    Member
    • Topics: 6
    • Replies: 6
    • ☆

    Hello, I have a question regarding qualifying charitable donations. I understand that if we use the current period loss relief against total profits the qualifying charitable donations become unrelieved a.k.a. we cannot use them for deduction because they are wasted.

    What about if we don’t offset current period loss against total profits but we only offset carry back loss relief? Can we still use qualifying charitable donations to deduct total profits?

    Thanks in advance.

    May 22, 2016 at 3:44 pm #316416
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    You cannot carry back the loss unless you have firstly made the current period claim which means that the QCD’s will have been wasted.

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