Basenote Ltd is a wholly-owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts

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Basenote Ltd is a wholly-owned subsidiary of Apexine Ltd. Both companies are UK resident and prepare accounts to 31 March each year. Results for the year to 31 March 2022 are as follows:

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Calculate the maximum group relief that may be claimed for the year by Apexine Ltd. What difference would it make if Basenote Ltd also had carried-forward trading losses from the previous year of £20,000?  

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