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A s.64 claim is possible for the loss of the basis period for the final tax year. So not for the 'terminal loss relief' as such.
s64 is against total income in current and previous year
s71 ITA07 / 261b TCGA92 allows offset against capital gains after any available s64 claim. Non of which relates to the loss being terminal, that is a different relief.
This is assuming that is an unicorporated business, it is a leap I am reluctant to make on an internet board given I do not know the technical knowledge of the person asking.
To add to my previous post a s.64 claim doesn't extend to s.261b - for which a supplementary claim will need to be made