taxpayer owed <£2000 for 2010/11, and elected to have it coded out in 12/13. Made a loss in 11/12, which he carried back to 10/11, and got the tax refunded, even though it hasn't even been paid yet. Makes sense?
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No
but that is the way it seems to work.
Mind you the tax refunded is actually 11/12 tax, just calculated by reference to 10/11. The 10/11 liability does not actually change