(1). (i) Year end of 31 December
| 2022/23 | 1 June 2022 – 5 April 2023 |
| 2023/24 | 1 January 2023 – 31 December 2023 (accounts for the 12-month period ending in the tax year) |
| 2024/25 | 1 January 2024 – 31 December 2024 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 January 2023 to 5 April 2023 (three months).
(ii) Year end of 30 April
| 2022/23 | 1 June 2022 – 5 April 2023 |
| 2023/24 | 1 June 2022 – 31 May 2023 (first 12 months) |
| 2024/25 | 1 May 2023 – 30 April 2024 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 June 2022 to 5 April 2023 and 1 May 2023 to 31 May 2023 (a total of 11 months).
(2). The loss can be offset against general income of 2021/22 (the year of the loss) and/or 2020/21 (the previous year).
Where a claim has been made against general income, a further claim can be made against the chargeable gains of 2021/22 and/or 2020/21.
The loss can be offset against general income of 2018/19, 2019/20 and 2020/21 (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.