*11.5 Olive ceases trading on 31 May 2009. Her recent adjusted trading profits/(losses) are: year to...

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*11.5 Olive ceases trading on 31 May 2009. Her recent adjusted trading profits/(losses) are:

year to 30 June 2005 37,450 year to 30 June 2006 39,190 year to 30 June 2007 16,120 year to 30 June 2008 (6,840)

11 months to 31 May 2009 (36,300)

Overlap relief of £7,140 is available. Calculate the terminal loss and show how this would be relieved, assuming that Olive has investment income of £20,000 per annum and that no claims are made to set trading losses against total income.

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Taxation

ISBN: 978-0273730156

15th Edition

Authors: Alan Melville

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*11.5 Olive ceases trading on 31 May 2009. Her recent adjusted trading profits/(losses) are: year to...

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Taxation

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