Terminal Trade Loss Relief

Terminal Trade Loss Relief

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Self employed trader has loss in year of cessation. Does it have to be claimed under S89 - ie, carried back against profits of previous three years on a LIFO basis? There were no profits in those three years - so is the loss wasted? Or can it be claimed under S64 & set off against other income arising in the year of cessation?

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By User deleted
27th Jan 2015 12:20

"Claim"

The clue is in the title

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By Wall1690
27th Jan 2015 12:25

I assume from your sarcastic response he can "claim" relief whichever way he chooses. Thanks for your help.

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By User deleted
27th Jan 2015 12:57

You're welcome

.

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By Rachael White
27th Jan 2015 16:28

Polite

Can members please ensure to keep their answers polite and helpful.

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