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Flashcards in Trading Losses Deck (8)
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Carried forward losses

Against: Profits from SAME trade
Time limit: Indefinite c/f
Conditions: cannot restrict to preserve PA
Claim: automatic


CY and PY (12m only)

Against: Total income (NSI>SI>DI)
Order: Any, Py 1st pref
Conditions: All of nothing
Claim: 12m from 31 Jan FTY (optional)


Restrictions of CY and PY

1) HIGHER of:
a) 50k
b) (25% x ATI)/(Total Inc +payroll giving + gross PPS)
2) non-active traders, max =£25k, remainder c/f


Non-active trader

Works < 10hrs a week


Early year

Against: Total income
Order: Carry back 3 yrs, FIFO
Conditions: All or nothing
Restrictions: same as 'CY and PY'


Terminal loss

Against: Same trade profit
Order: Carry back 3 yrs, LIFO
Conditions: All or nothing
Claim: <4yrs from last TY (optional)


Trading losses abasing Capital gains

*Must do CY claim for trading losses first
Max offset, LOWER of:
a) unrelieved trading losses
b) CY capital gains - CY cap losses - b/f cap losses


Property losses

Only go against future property gains