Mathematics · Taxation and Loss Relief
Damyanti has been trading as a sole trader. Her recent tax-adjusted trading profits/(losses) are: Year ended 5 April 2024: £55,000; Year ended 5 April 2025: (£90,000). Damyanti also receives bank interest of £14,000 each tax year. What is the amount of trading loss carried forward to the tax year 2025/26 assuming she claims to offset the loss against total income in the current and prior tax years?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1£35,000
- 2£26,000
- 3£21,000✓
- 4£7,000
Correct answer
£21,000
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Mathematics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Taxation and Loss Relief MCQs →Want more practice questions on Taxation and Loss Relief?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Mathematics · Taxation and Loss Relief