Terminal loss v CGT

Terminal loss v CGT

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Can we offset terminal losses against capital gain arising in same business?

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By User deleted
13th May 2014 20:51

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.

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By martinscutt
13th May 2014 21:09

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.

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By User deleted
13th May 2014 21:24

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

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