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PENNY BATES provides a refresher course on the use of loss relief for sole traders
KEY POINTS
- Defining a loss and carry forward.
- Set off of current and prior year losses.
- Extending the relief to capital gains.
- Opening and closing year losses.
- Recent budget proposals to extend loss relief.
- Don’t forget relief against National Insurance.
The current tricky economic situation has led to some businesses failing and others realising trading losses but it does not seem to have prevented some new business start ups which in their early years may also realise losses.
This article will take an overall look at the loss relief available to sole traders as undoubtedly more such claims to loss relief will now be being made. First we will look at:
- losses carried forward – ITA 2007 s 83;
- losses set...
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