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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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.
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