Good day to you all from a less than sunny Portsmouth.
I have a client that is a farmer. He has been dealt with correctly over the last few years, and made losses 12/13, 11/12,10/11, & 09/10 with last profit at 08/09.
I am aware of the 5 year losses rule for agriculture and farmers.
The farmer retired 12/13 with losses of £17,000 (ish) brought forwards, with the loss made 2012/13 set off against other income for the year.
Is there any way of utilising these brought forward trading losses?
As I see it...
There are no profits for previous years that can have the losses rolled back.
Sideways relief has been claimed each year.
Rolling the losses forwards against other income from the same trade is pointless as he is now on pension and bank interest only..
As he has been trading more than 4 years, I can't claim relief in that manner.
Terminal Loss Relief is not an option due to no previous applicable profits.
Any suggestions how I can use the B/F loss and obtain the poor old guy some relief rather than it simply going to waste?
