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Betty ceased trading on 30/6/2022 so her final tax year of assessment is 2022/23 in which she
will be assessed on all remaining profit as yet not assessed less her overlap relief. Therefore in
the preceding tax year, 2021/22 she would have been assessed on her normal CYB i.e. on her
share of the profit of the accounting year ended 31/12/2021. The only remaining profit to be
assessed is therefore for her final 6 months of trading to 30/6/2022 which is then reduced by
the available overlap relief.
Note 2
Chloe
Chloe commenced trading on 1 July 2022 so her first tax year of assessment is 2022/23 in
which an actual basis applies. She is able to use CYB from 2023/24 which will generate an
overlap profit of £6,000 (3/12 x 24,000).
(c)
(1)
Daniel and Frank can carry the loss forward against future trading profits.
(2)
Daniel, Elvis and Frank can claim against total income for 2022/23 and/or 2021/22
(3)
Frank can claim against total income for 2019/20, 2020/21 and 2021/22. (Special
opening year loss relief).
(4)
Elvis can claim against trading profit for 2021/22, 2020/21 and 2019/20. (Terminal
loss relief).
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