Business Tax - Loss Relief

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neilw41
neilw41 Registered Posts: 12 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
Hi, can you help?

BPP - Question Bank Book - Task 3.10 & 3.11

How long can you carry back losses?

In task 3.10 it's say's to a maximum of £50,000, yet in task 3.11 there is no mention of this amount being the maximum allowed. I cannot see a mention of this rule in the text book.

What is the correct answer please?

Thanks.

neil.

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  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    Which tax year are you dealing with?

    There was a temporary rule allowing losses to be carried back 3 years restricted to £50k per year, this was for losses incurred between 24th November 2008 and 23 November 2010.

    If you are carrying back one year then you can use as much as is available.
  • neilw41
    neilw41 Registered Posts: 12 Regular contributor ⭐
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    Business Tax - Loss Relief

    Thanks for your reply.

    The loss was for y/e 30/09/09.

    However, I cannot see a mention of the rule you mentioned. But thank you I will check that out.

    It's a bit annoying if BPP have only given half the story!

    Have a good day.

    Neil

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