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Question 4c
Gregor has been self-employed since 6 April 2001. He has the following income and chargeable gains for the tax years 2013–14 and 2014–15:
| 2013–14 | 2014–15 | |
|---|---|---|
| £ | £ | |
| Trading profit/(loss) | 14,700 | (68,800) |
| Business property profit/(loss) | 4,600 | (2,300) |
| Building society interest (gross) | 1,300 | 900 |
| Chargeable gain/(loss) | (2,900) | 17,400 |
Required:
On the assumption that Gregor relieves his trading loss of £68,800 as early as possible, calculate the amount of trading loss carried forward to the tax year 2015–16.
Note: You should assume that the tax allowances for the tax year 2014–15 apply throughout. (4 marks)