(1). (i) Year end of 31 December
| 2014/15 | 1 June 2014 – 5 April 2015 |
| 2015/16 | 1 January 2015 – 31 December 2015 (accounts for the 12-month period ending in the tax year) |
| 2016/17 | 1 January 2016 – 31 December 2016 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 January 2015 to 5 April 2015 (three months).
(ii) Year end of 30 April
| 2014/15 | 1 June 2014 – 5 April 2015 |
| 2015/16 | 1 June 2014 – 31 May 2015 (first 12 months) |
| 2016/17 | 1 May 2015 – 30 April 2016 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 June 2014 to 5 April 2015 and 1 May 2015 to 31 May 2015 (11 months).
(2). The loss can be offset against general income of 2013/14 (the year of the loss) and/or 2012/13 (the previous year).
Where a claim has been made against general income, a further claim can be made against the capital gains of 2013/14 and/or 2012/13.
The loss can be offset against general income of 2010/11, 2011/12 and 2012/13 (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.