John dies on 3 March 2023. Between 6 April 2022 and 3 March 2023, he has capital gains of £1,200 and capital losses of £15,400. His net gains in recent tax years (and the annual exemption for each year) have been as follows:

Net gains Annual exemption

£ £

2018-19 52,800 11,700 2019-20 18,500 12,000 2020-21 15,100 12,300 2021-22 3,750 12,300 Explain how (and to what extent) John's net losses in 2022-23 will be relieved.