Question：Rainer started trading on 1 May 2012, and incurred a trading loss in the period to 31 March 2013.

　　In which two of the following ways may the trading loss be relieved?

　　A. Against general income of the previous three years (LIFO), and then gains.

　　B. Against future trading profits.

　　C. Against general income of the previous three years (FIFO).

　　D. Against general income of the previous three years (LIFO).

　　E. Against general income of the previous three years (FIFO), and then gains.

　　The correct answers are: Against general income of the previous three years (FIFO); Against future trading profits.

　　解析：Early years loss relief is available if there is a loss in any of the first four tax years of trade. The loss is relieved against general income of the previous three years on a FIFO basis.

　　The claim for early years loss relief may not be extended so as to relieve the loss against gains.

　　Relief is also available against future trading profits.