I am using BPP workbook on FA2020, this is about activity 9 on essential reading chapter 15.
1) For the loss relief amount of 14,100 to claim against general income, does that mean that on cessation of trade, even if a trader does not choose to use the terminal loss relief, he can still use the overlap profit to offset against current and / or previous year general income?
2) The answer mentioned an amount of 750 (14100 – 13350). I don’t understand what is the meaning of this figure. Can anyone help to explain? Thanks.