Olive ceases trading on 31 May 2017. Her recent adjusted trading profits/(losses) are: year to 30 June
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Olive ceases trading on 31 May 2017. Her recent adjusted trading profits/(losses) are:
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year to 30 June 2013 year to 30 June 2014 year to 30 June 2015 year to 30 June 2016 11 months to 31 May 2017 37,450 39,190 16,120 (6,840) (36,300) Overlap relief of 7,140 is available. Calculate the terminal loss and show how this would be relieved, assuming that Olive has savings income of 1 0,000 per annum and that no claims are made to set trading losses against total income.
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