(1). (i) Year end of 31 December
| 2016/17 | 1 June 2016 – 5 April 2017 |
| 2017/18 | 1 January 2017 – 31 December 2017 (accounts for the 12-month period ending in the tax year) |
| 2018/19 | 1 January 2018 – 31 December 2018 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 January 2017 to 5 April 2017 (three months).
(ii) Year end of 30 April
| 2016/17 | 1 June 2016 – 5 April 2017 |
| 2017/18 | 1 June 2016 – 31 May 2017 (first 12 months) |
| 2018/19 | 1 May 2017 – 30 April 2018 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 June 2016 to 5 April 2017 and 1 May 2017 to 31 May 2017 (11 months).
(2). The loss can be offset against general income of 2015/16 (the year of the loss) and/or 2014/15 (the previous year).
Where a claim has been made against general income, a further claim can be made against the chargeable gains of 2015/16 and/or 2014/15.
The loss can be offset against general income of 2012/13, 2013/14 and 2014/15 (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.