Possible method of relieving trading loss of 17/18
Peter,Quinton and roger each have trading loss of 10000
each. Peter resigned as a partner on 31st dec 2017 so his unrelieved overlap profit of 5000 will increase his loss to 15000 Carry forward relief:.quinton and roger can carry forward his share of loss against first available future trading profit arising in the same trade. Relief against total income:.peter,Quinton and roger can claim relief against total income of 17/18 or 16/17. Special opening year loss relief:.peter,Quinton and roger can carry back their share of loss against total income for 14/15,15/16,16/17 earliest year first. Terminal loss relief:.peter,Quinton and roger can carry back their share of loss against total income for tax year 14/15,15/16,16/17 latest first.