Been a whilse-Loss relief

slackda Registered Posts: 460 Dedicated contributor 🦉
Been a while since i have done loss relief.

How many years can you carry back the loss?


  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    I have just been covering this in my ATT course so hope I've remembered it correctly.

    Can claim s64 relief against general income of the year of loss or of the year preceding the year of loss.

    If it's in the first 4 years of trade I think you can claim back as far as the first year but must not double count any overlap profits.

    If it's the year of cessation then you have to calculate the terminal loss first (loss in the final 12 months of trade) and can go back as far as 4 years but claim against the later year first. Again deduct any overlap profits.

    You might want to wait for clarification though. Sorry I've used your post as revision :001_smile:

    Edit: On seeing Andrew's post, sorry I forgot to say this was for trading losses.
  • andrewtdk
    andrewtdk Registered Posts: 150 Dedicated contributor 🦉
    Depending on the year end you may be eligable for the temporary extended carry back of losses. I think this is for accounting periods ended between 24 November 2008 to 23 November 2010 but id double check this. Also I think this is just for trading losses and im not sure what type of loss you're talking about.
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