1
Type Speaker CPD Hours Level
Webinar
1 IntroductionInformation
SRA Competency B

Introduction

As a result of the COVID-19 pandemic, sadly many businesses may be forced to close where losses have made the business untenable.

Where a company has stopped trading and it has made a loss in its final 12 months of its trade the relief is extended as the company can carry back any trading losses that occur in the final 12 months of a trade and set them off against profits made in any or all of the three years up to the period when you made the loss. Terminal loss relief is a special form of tax relief available for both income tax and corporation tax.

This webinar will explore the mechanics of terminal loss relief for both individuals and businesses.

What You Will Learn

This webinar will cover the following:

Terminal Loss Relief for Individuals:

  • The basics
  • The mechanics
  • Carry back of interest as a loss
  • Partners retiring from a continuing business

Terminal Loss Relief for Companies

  • The basics
  • The mechanics
  • Carry back of losses brought forward?
  • How about property losses, management expenses and non-trade loan relationship deficits?

This webinar was recorded on 9th March 2021

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An Introduction to Terminal Loss Relief

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