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Hello Sir,
In regards with this question, the answer states that “As Elliot has traded for many years the special opening years loss relief of a 3 year carry back is not available”.
My question is why Elliot cannot carry back the remaining 14.000 to tax year 20/21 and where can this rule can be found? What are the “special” opening years reliefs?
Thank you,
Special opening years rule applies to traders in the first four years of trade who suffer losses. Ch17 – 5.1
Someone who has been trading for some years cannot benefit from this rule and can only claim for the losses in the current and/or previous tax year. Ch 17 – 2, 3 and 4
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