(1). (i) Year end of 31 December
| 2020/21 | 1 June 2020 – 5 April 2021 |
| 2021/22 | 1 January 2021 – 31 December 2022 (accounts for the 12-month period ending in the tax year) |
| 2022/23 | 1 January 2022 – 31 December 2022 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 January 2021 to 5 April 2021 (three months).
(ii) Year end of 30 April
| 2020/21 | 1 June 2020 – 5 April 2021 |
| 2021/22 | 1 June 2020 – 31 May 2021 (first 12 months) |
| 2022/23 | 1 May 2021 – 30 April 2022 (accounts for the 12-month period ending in the tax year) |
The overlap period is from 1 June 2020 to 5 April 2021 and 1 May 2021 to 31 May 2021 (a total of 11 months).
(2). The loss can be offset against general income of 2019/20 (the year of the loss) and/or 2018/19 (the previous year).
Where a claim has been made against general income, a further claim can be made against the chargeable gains of 2019/20 and/or 2018/19.
The loss can be offset against general income of 2016/17, 2017/18 and 2018/19 (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.