(b) (i) Reliefs available for Jessica’s share of the partnership loss The trading loss for tax purposes has arisen in the tax year 2018/19. It can be relieved against Jessica’s total income for 2018/19, the tax year of the loss, and/or 2017/18, the previous tax year.
Alternatively, because the loss has arisen in one of the first four tax years in which Jessica will be a partner, it can be relieved against her total income of the three years prior to the year of the loss starting with the earliest year (i.e. 2015/16).
(ii) Strategy for loss relief to maximise Jessica’s income tax savings Jessica will join the Langley Partnership on 1 July 2018. Accordingly, her share of the partnership loss for the year ending 31 March 2019 will be £48,000 (£160,000 x 9/12 x 40%).
In 2018/19, Jessica’s only source of income will be rental income of £6,000. As this will be covered by her personal allowance, relieving the loss in this year will not result in any tax saving.
In 2017/18, Jessica’s taxable income before loss relief will be £171,850 (£145,000 + £6,000 + £170 + £20,680). As Jessica is an additional rate taxpayer, the loss of £48,000 will generate a tax saving of £20,293 ((£21,850 (£171,850 – £150,000) x 45%) + (£26,150 (£48,000 – £21,850) x 40%)).
If, alternatively, Jessica carries the loss back to 2015/16 it will be relieved against her total income of that year of £145,000. As the resulting total income of £97,000 (£145,000 – £48,000) is below £100,000, the personal allowance will become available. Accordingly, the total income tax saving will be £23,800 ((£48,000 x 40%) + (£11,500 x 40%)).
Therefore the most beneficial claim is to carry back the loss and offset it in 2015/16 as this results in the highest tax saving, of £23,800.
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