Losses Flashcards
Maximum loss against other income is the greater of:
£50,000
25% of individuals adjusted total income for the year.
Loss restriction for non active capacity
£25,000
Losses available for continuing trade
Against general income of same or proceeding year
Against capital gains of the same and/or preceding year
Carried forward against profits of the same trade
Against general income of same or proceeding year - time
31 January following year of loss
Against capital gains of the same and/or preceding year
31 January following year of loss
Carried forward against profits of the same trade
Claim to establish loss 4 years from end of tax year of loss
Loss relief for new partner/sole trade & Time
Carried back against general income of 3 preceding tax years, against earliest year first
31 January following year of loss
Against general income of same or proceeding year rules
Independent claims
No partial claims
Personal Allowance wastage
