Samantha and Harriet have been in partnership since 1 April 2010, preparing accounts
to 30 September. Dawn was admitted as a partner on 1 June 2018 and Samantha left
the partnership on 30 April 2019.
The partnership had always been profitable until the year ended 30 September 2019
when the partnership made substantial losses.
All of the partners were employed prior to joining the partnership. They all have interest
and dividend income from personal investments in all relevant years and Samantha
realised a large chargeable gain on the disposal of some shares in January 2019.
Required:
Evaluate the loss relief options available to each partner to utilise their share of the
trading loss in the year ended 30 September 2019.
For each relief option available, advise in which tax years the relief is available, explain
what income the loss can be set against, and state the due date for making any loss
relief claims available.