Carry Back of Loss? How Far?

T.C.

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?

deanshepherd

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.

T.C.

Thanks for that. It is what I thought, but great link. Thanks again.