Terminal Loss Relief
I have an issue I cannot get my head around regarding Terminal Loss Relief.
A client has an accounting year end of 30 June.
2010/11 Tax Return Form, taxable profits for the period 01.07.09 to 30.06.10 was £22,000
He ceases trading on 31.01.12 and so the final accounts have been drawn up for the 19 month period 01.07.10 to 31.01.12 for the 2012 Tax Return. Taxable loss for this period was £4,000.
There is also unused overlap relief carried forward in sum of £4,000.
How much is able to be carried back and set off against 2010/11 income as terminal loss relief?
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