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Sir under terminal loss relief section i had a doubt. wanted to ask if we could set off current year trading loss against current year total income? alongside taking the loss and setting it off against last 3 years’ trading profits on a LIFO basis.
A loss can only be used once, but yes a taxpayer may choose to make a normal current and or preceding year claim against total income if he / she wishes – you should of course realise that making a current year claim against total income is very unlikely as that total income will only be made up of non trading income and the taxpayer will already have the PA of that tax year to go against that income – as discussed earlier in the chapter we do not want to waste the PA
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