Tx notes fa22 Final

ff
ected by the loss 
relief. 
14. Elliot 
Elliot has been in business many years producing accounts to 31 December. 
His recent trading profit results are as follows:
y/e 31 Dec 2020
£60,000
y/e 31 Dec 2021
£30,000
y/e 31 Dec 2022
£40,000
y/e 31 Dec 2023
(£60,000)
Elliot’s only other income is property income of £6,000 in each relevant tax year.
(a) Assuming Elliot wants to claim relief for the trading loss as soon as possible calculate the 
taxable income for each relevant tax year.
(b) If Elliot ceased trading at 31 December 2023 state what alternative loss relief would be 
available. Assume the 2022/23 personal allowance applies in all years.


Trading 
profit
£
Year ended 31 December 2022 Loss
(12,000)
Year ended 31 December 2023 Loss (estimated)
(4,000)
Year ended 31 December 2024 Profit (estimated)
8,000
Year ended 31 December 2025 Profit (estimated)
11,500
2018/19
19,200
2019/20
23,800
2020/21
20,100
2021/22
11,400

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15. Anne and Betty 
(a)
Briefly explain the basis by which partners are assessed in respect of their share of a 
partnership’s trading profit.
(b)
Anne and Betty have been in partnership since 1 January 1997 sharing profits and losses 
equally. On 30 June 2022 Betty resigned as a partner, and was replaced on 1 July 2022 by 
Chloe. The profits were then split in the ratio of 2:1 between Anne and Chloe. The partnership’s 
trading profit is as follows:
Anne and Betty each have unrelieved overlap profits of £3,000.