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Under the UK S89 of ITA 2007 a person can claim a tax relief for the loss incurred in a new business, partnership or vocation against the income made in the last three previous years or incoming profit. A partnership is considered as a personal income effort tax purposes (James, 2015).
David’s income for the last years before the loss, (from January 2015 to December 2015)
= 3750 × 12
= £ 45000 (the amount exceeds the total loss)
David will claim loss for 40000/45000 × 12 = 10.7 months
Tax relief = £616 (PAYE) × 10.7
= £ 6570
David can claim £ 6570 tax relief from the income tax but he will loss hos persona allowances.
Tax bracket is between PA+£31,786 and £150,000 (which means tax rate is 40%)
Tax relief = £ 10000 (for been born after April 1948
Next year’s earnings (31st March 2016 to31st March 2017) = £ 62, 600
Number of months for £ 40,000 = (40000/ 52600 (62600 – 10000) × 12
Tax relief = 9.15 × 52600 × 0.4 ÷ 12
Property annual income = £ 45, 000
Tax rate = 40%
Relief = 40000 * 40/100
The most beneficial tax relief would be tax relief from the business income. Claiming tax relief from the income will very