John dies on 3 March 2018 . Between 6 April 2017 and 3 March 2018, he has capital gains of £1,200 and capital losses of £15,400. His net gains in recent tax years (and the annual exemption for each year) have been as follows:

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2013-14 2014-15 2015-16 2016-17 Net gains Annual exemption 52,700 17,500 13,900 3,550 Explain how (and to what extent) John's net losses in 2017-18 will be relieved. 10,900 11,000 11,100. 11,100