Terminal Loss Relief against Capital Gains

Terminal Loss Relief against Capital Gains

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Client has a 2014/15 gain of £280,000, she has losses in the year of £65,000 and also losses carried forward from previous years totalling £180,000.  She ceased trading in 2014/15.  Does termination loss relief allow her to offset the £180,000 losses carried forward against the gain made in 2014/15?

Any contributions would be most welcome

Replies (3)

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RLI
By lionofludesch
26th Jan 2016 10:42

No - or at least, I think not.  Your question is vague.

Are these trading losses ?  You don't say but I infer that they are.

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By Marion Hayes
26th Jan 2016 10:51

No

Losses carried forward can only be set against profits from the same trade.

With more information we may be able to determine whether the trading loss for 2014/15 can be extended to the gain if there is no other way to utilise them

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By Robert Hurn
26th Jan 2016 12:19

Apologies yes they are trading losses and there is no other income in 2014/15 to offset them against, thus I intend to relief the losses for against CGT.  I was hoping against hope that the carried froward trading losses from 2013/14 could be offset against CGT, but looks unlikley from the comments above

 

Thanks for you comments much appreciated

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