|
|
Article ID: 2141
Last updated: 25 Feb, 2015
You can't restrict the use of losses that have been carried forward from a previous year as they must be used against the first available profits. This means that you can't reduce the amount of the loss to use up the personal allowance first. HMRC states that the losses should be deducted from the first and each subsequent profitable year until they are used up. Read this HMRC helpsheet and Income Tax losses toolkit for more information.
This article was:
|
||||||||||
Powered by KBPublisher (Knowledge base software)
Cookie Settings