(1). (i) Year end of 31 December
| 2017/18 | 1 June 2017 – 5 April 2018 |
| 2018/19 | 1 January 2018 – 31 December 2018 (accounts for the 12-month period ending in the tax year) |
| 2019/20 | 1 January 2019 – 31 December 2019 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 January 2018 to 5 April 2018 (three months).
(ii) Year end of 30 April
| 2017/18 | 1 June 2017 – 5 April 2018 |
| 2018/19 | 1 June 2017 – 31 May 2018 (first 12 months) |
| 2019/20 | 1 May 2018 – 30 April 2019 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 June 2017 to 5 April 2018 and 1 May 2018 to 31 May 2018 (11 months).
(2). The loss can be offset against general income of 2016/17 (the year of the loss) and/or 2015/16 (the previous year).
Where a claim has been made against general income, a further claim can be made against the chargeable gains of 2016/17 and/or 2015/16.
The loss can be offset against general income of 2013/14, 2014/15 and 2015/16 (the three years prior to the year of the loss on a first in, first out basis).
Any loss remaining will be automatically carried forward against future profits of the same trade.