.png)
.png)
Treatment of loss relief under ITA 2007, s 72 on tax returns.
I have new clients a husband and wife in partnership together who started trading on 1 April 2016. I have prepared accounts to 31 December 2016 and there is a loss of £120 000 which they are sharing equally.
The accounts to 31 December 2017 are likely to show a small loss and provisionally I am working on the basis of a nil profit.
I am considering loss relief claims under ITA 2007 s 72 in effect relieving these losses against income arising in 2013-14.
In 2013-14 the husband’s income was £95 000 and his wife’s was £75 000
most of which derived from a separate family partnership that ceased in 2014-15. My s 72 claims will be capped at £50 000 each. Their other income in 2016-17 is negligible.
I have two questions as follows.
- Do I obtain the relief...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
