Income Tax Act 2007 s86

shellsbook

Can I just check something... In section 86 where is says losses can be carried forward if relief hasn't been given under any other tax provision - I guess that would include Tax Credits? So if the business loss has been offset against earned income in the Tax Credits declaration, that would be it used up - is that correct?
Thanks

jamesm96

shellsbook said:

Can I just check something... In section 86 where is says losses can be carried forward if relief hasn't been given under any other tax provision - I guess that would include Tax Credits? So if the business loss has been offset against earned income in the Tax Credits declaration, that would be it used up - is that correct?
Thanks

It means any losses that haven't already been relieved, yeah. So if your client has already used those losses against earned income (and the losses were used in full) then there'd be nothing left to carry forward.