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Hi Angela,
Can you please send the page number and text book edition for reference.
Aneeb
Chartered Institute of Management Accountants
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Capital Losses
I am using the official study text book to study for F1 exam in May. I'm a little confused on a piece of information which is in the book and I'm hoping someone can clear it up for me.
The paragraph is headed - Capital losses.
the content of the paragraph is as follows
Most countries keep capital losses separate from trading activities.
Possible ways of relieving capital gains are:
- Carry forwards against future capital gains;
- Carry back against previous capital gains;
- Offset against trading income in the current period.
Is it just me or should the first line of the paragraph read, Possible ways of relieving capital losses are:
I contacted CIMA customer service who have been unable to tell me if the text book that I'm using to study for their exam is correct or not so I'm hoping that someone else can help.
capital losses
Posted by Sanjotha Patil on Thursday 19 January 2012 18:25Hi Angela,
Are you referring to Chapter 2? I think you have a more recent version of the book. (I took F1 in November) The paragraph titled 'Capital Losses' in my book reads
"Capital losses are sometimes allowed to be deducted from trading income but most countries keep capital losses completely separate from trading activities. In most countries, capital losses are offset against chargeable gains of the same accounting period. Any balance of loss is carried forward to be relieved against the first available chargeable gains." - Para 2.6.2 on page 27
Yes, I think it should definitely read "Possible ways of relieving capital losses". It is probably just an error in your book. And there are definitely many in F1!
Hope this helps you. All the best!
Sanjota