You are a trainee chartered certified accountant and your manager has asked you for your help with regard to a taxpayer who has made trading losses.

Sean has been in self-employment since 2011, but he ceased trading on 5 April 2024. He has always prepared accounts to 5 April and is not a Scottish taxpayer. His results for the final five years of trading were as follows:

For each of tax years 2019-20 to 2023-24, Sean has property business profits of £13,000.

Required:

Identify the loss relief claims that are available to Sean and explain which of these claims would be the most beneficial. You should clearly state the amount of any reliefs claimed and the rates of income tax saved. However, you are not expected to compute any income tax liabilities. Assume for the sake of simplicity that the income tax rates, bands and allowances for all years are the same as in 2023-24.