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Terminal loss relief

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Terminal loss relief

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • February 21, 2022 at 2:29 pm #649069
    SukainaKamar
    Participant
    • Topics: 20
    • Replies: 20
    • ☆

    Hello sir,
    in the study text of tx21
    topic of trading losses for individuals,
    the terminal loss relief;
    the text had the following written:

    the relief to is to set the terminal loss against trading profit of the last tax year (if any) and then carry back three tax years on a LIFO basis.

    Does this mean under the terminal loss relief, the relief can be claimed up to 4 years back in total? or have i understood it wrong?

    kind regards
    sukaina.

    February 22, 2022 at 2:56 pm #649116
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Once again I emphasise the importance of working through the lectures and study notes, but in relation to what you are asking the actual CARRY BACK period is the 3 years prior to the final tax year but if there was a trading profit assessment in the final tax year (extremely unlikely) the relief would be applied firstly in that tax year before then carrying back to the preceding 3 tax years

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