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Dear Jill,
Please consider the data below noting that it is based on this rule, “Loss-making period of less than 12 months,”
6 m/e 31.3.2024 Trading LOSS £100,000
y/e 30.9.2023 Trading profit £ 25,000
y/e 30.9.2022 Trading profit £ 35,000
y/e 30.9.2021 Trading profit £ 15,000QUESTION: According to the data provided above, AND assuming it is a TERMINAL Loss relief situation, is it possible to FULLY carry back the loss incurred in the 6 months ended 31.3.2024 to 36 months?
Ref: OpenTuition manual; Pg 150.
First – NEVER ASSUME!
If the loss is for an ongoing business then carry back is 12 month
If its at the end of a business then you carry back 36 months – you are unlikely to get a final set of accounts being 6 months given the change in the rules – it will be a 12 month loss making period – see TLR rules
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