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Dear op
When relief trade loss against total income the maximum 50000 or 25% is applied for current year or previous yearIf you read the OT course notes you would find answers to all these questions but the limit applies to whichever tax year the relief is being claimed for – note however that when relief is claimed for preceding tax year the 50,000 limit applies to the non trading income only, there is no restriction against the trading income part of total income – see example in course notes.
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