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F6-chapter 10
Chapter 10
Trading losses
1. Loss relief against net income
- A trading loss can set against Total Income
before personal allowance (net income) in the
loss-making year and/or preceding year
- Personal allowances may be wasted as a
result of this claim
- Unrelieved losses can be carried forward
under “Carry forward loss relief”.
Trading Loss Relief
Trading losses
Loss Relief against
net income
Current Basis Period Previous Basis Period
Previous BP Current BP
Previous BP
Current BP
Total income before Personal Allowance
Cap On Income Tax Relief
? If loss relief is claimed against total income the
maximum that can be relieved is the higher of:
a) £50,000; or
b) 25% of a person’s total income (after deducting
gross personal pension contributions.)
?This restriction does not apply to the loss relieved
against profits of the same trade for the preceding
tax year.
2. Carry forward loss relief
- Trading losses can be relieved against future
trading profits
- Can be carried forward without time limits.
Trading Loss Relief
3. Trading losses relieved against capital gains
- Trading losses can set against capital gains
for the loss-making year
- The trading loss is first set against Net Income
of the year of the claim, and only any excess
of loss is set against capital gains of the year
of the claim.
Trading Loss Relief
4. Early trade loss relief
- Trading losses incurred in the first 4 tax years
of a trade can set against Total Income before
personal allowance (Net Income) of the 3 tax
years preceding the start of trade.
- Applying the loss to the earliest year first
(FIFO).
- This claim is preferred than the first claim,
because loss can be relieved much earlier.
Trading Loss Relief
Early trade loss relief
0-1-2-3 1 2 3 4
1 12 23 3
Start to trade
Employee Self- employed
Total Income Before
Personal Allowance Trading loss
4. Early trade loss relief
Example: Wang commenced in self –employment on 1 November 2012,
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