(1). (i) Cease trading on 28 February 2018
| 2016/17 | Year ended 30 June 2016 |
| 2017/18 | 1 July 2016 – 28 February 2018 (the end of the basis period for the penultimate tax year until the date of cessation) |
(ii) Cease trading on 31 May 2017
| 2017/18 | Year ended 30 June 2017 |
| 2018/19 | 1 July 2017 – 31 May 2018 (the end of the basis period for the penultimate tax year until the date of cessation) |
(2). The trading loss of the final tax year can be offset against the general income and chargeable gains of the final tax year and/or the previous tax year.
The loss of the final 12 months of trading, known as the terminal loss, can be offset against the trading profits (note, not general income) of the final tax year of trading and the three preceding tax years, later years first.