Losses & Reliefs

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lizzy
lizzy Registered Posts: 36 Regular contributor ⭐
in General accounting discussion
Just out of interest - I like to think of every scenario so I am sure if asks these things again - sad I know.

If someone made a trade loss & say had no other income or also made a loss on other income in that same year but did had other income which is extremely minimal say benefits less than £300 would the loss still be set off against the benefit & the remainder carried forward if no carry back was available as no prior income

Thanks

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  • Newbie
    Newbie Registered Posts: 229 Dedicated contributor 🦉
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    Where a claim is made to have the losses set against general income or chargeable gains of a
    particular tax year they have to be set as far as possible against that income or chargeable gains. In other words it is an ‘all or nothing‘ claim and this may result in personal allowances or the annual exemption not being utilised.

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