(1). (i) Cease trading on 28 February 2023
| 2021/22 | Year ended 30 June 2021 |
| 2022/23 | 1 July 2021 – 28 February 2023 (from the end of the basis period for the penultimate tax year until the date of cessation) |
(ii) Cease trading on 31 May 2023
| 2022/23 | Year ended 30 June 2022 |
| 2023/24 | 1 July 2022 – 31 May 2023 (from 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.