Tx notes fa22 Final

June 2023 to March 2024 exams
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Example 2
 
 
A Ltd has produced the following results over recent years:
Show how loss relief would be claimed assuming that relief is taken as soon as possible. 
 
Example 3
 
 
A Ltd has the following results:
Show the Taxable Total Profits for all accounting periods, assuming loss relief is taken as soon 
as possible.


Year ended 31 March
2021
2022
2023
£
£
£
Trading profit / (loss)
30,000
60,000
(90,000)
Interest receivable
10,000
10,000
10,000
y/e
9 months 
to
y/e
31/3/22
31/12/22
31/12/2023
£
£
£
Trading profit / (loss)
25,000
20,000
(40,000)
Bank interest
3,000
1,000
1,000
Chargeable gains / (losses)
(1,000)
6,000
–
Qualifying charitable donations
(500)
(500)
(500)

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June 2023 to March 2024 exams
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2.3. Losses in the final twelve months of trading 
The carry back period is extended to 36 months for losses incurred in the twelve months prior to the 
cessation of trading. Losses can be carried back against total profits before deduction of qualifying 
charitable donations of the 36 months preceding the loss making period on a LIFO basis.