Rachel and Irina have been in partnership since 1 March 2003, preparing accounts to 31 October. Fran was admitted as a partner on 1 August 2018 and Rachel left the partnership on 31 May 2019.

The partnership has always been profitable until the year ended 31 October 2019 when the partnership made substantial losses.

All of the partners were employed prior to joining the partnership. They all have interest and dividend income from personal investments in all relevant years and Rachel realised a large chargeable gain on the disposal of some shares in November 2018.

Required:

Evaluate the loss relief options available to each partner to utilise their share of the trading loss arising in the year ended 31 October 2019.

For each relief option available, advise in which tax years the relief is available, explain what income the loss can be set against, and state the due date for making any loss relief claims available.