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sir for individuals if there are losses in 2 consecutive tax years, then b/f loss or carry back loss is given preference?
Use the losses in chronological order – but given that in income tax a trading loss c/f will only go against future trading profits of the same trade – then any trading loss b/f into another loss making period could only be c/f, then allowing the current trading loss to have all the usual reliefs available to it.
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