Carry Back of Loss? How Far?
T.C.
Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙♂️
I am sorting an enquiry for a new client and have a question about carrying back losses. My client made a small profit most years, around £1000 but was claiming a taxable incapacity benefit, so the tax man is reviewing his income for the past 6 years. Just one question, he made a loss in 2008 - how far can this be claimed back against previous years? Is it just one year under the rules at that time or can I go back further?
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Comments
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Summary of new and old rules here. 2007/08 can only be carried back one year but if no claim was made by 31st January 2010 then you are out of time for doing so.0
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Thanks for that. It is what I thought, but great link. Thanks again.0
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