TERMINAL LOSS QUESTION

Have you actually worked through the OT Notes - chapter 7 section 6 page 47 and watched the lecture?

Sorry but you clearly have not read / understood the note that I referred you to above - specifically chapter 7 section 6 (b) page 47 Note (b) (i) in the calculation of the terminal loss states: "The actual trade loss for the tax year of cessation (from 6 April to the date of cessation) PLUS any OVERLAP RELIEF arising from opening years." and the last line of the note states: "If the RESULT in i) or ii) is a PROFIT, it is treated as ZERO for purposes of the terminal loss computation" These are the 2 issues you have queried!