Saving personal allowance query

This topic has 2 replies, 2 voices, and was last updated 6 years ago by Tax Tutor.

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August 23, 2019 at 4:46 pm #528546
xanpech
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Hello,

I am noticing from doing questions that sometimes you can save the personal allowance when carrying back a loss but sometimes this is not allowed. I don’t suppose you could tell the rule to remember for when you can and can’t save the personal allowance when carrying back a loss?

Thanks,
Alex
August 23, 2019 at 5:41 pm #528552
xanpech
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I am also confused that sometimes it seems like you can only carry back the loss on other losses which are relevant to the loss e.g trading losses with trading losses, but not capital gains etc. However other times you can put the loss against all income or gains. Would it be possible to also let me know the rule for when it is one of the other?

Many Thanks,
Alex
August 27, 2019 at 4:15 am #528884
Tax Tutor
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Hi Alex
All of the rules for income tax losses are given in Chapter 7 of the OT notes and dealt with in the accompanying lectures.
You need to work through these notes and lectures and you will be able then to answer those questions
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