Page 50 - F1 Integrated Workbook STUDENT 2018
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Chapter 2
1.3 Trading losses on cessation of business
If an enterprise ceases to trade, most countries allow the entity to carry back the loss
against profits of previous years to generate a tax refund. In the UK, this is called
Terminal Loss Relief and enables the loss to be carried back three years. The
assessment will tell you the terminal loss rules of that country.
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