Assume that today s date is 1 December 2015. David is 35 years old and married to Patricia who is 32 years old .The couple have one child who is six years old. David has been employed since 2000 earning ?3,750 per month (Monthly PAYE deducted ?616) .He will have no other income in the tax year 2015/16.From 6 April 2016 he will have a source of property business income of ?45,000 per year.David intends to cease his current employment on 31 December 2015, and decided to form a partnership with his wife, Patricia, sharing profit and losses equally, and to adopt a 31 March year end for accounting purposes.David is anticipating a loss of ?40,000 in the first three month period to 31 March 2016, but profits of ?62,600 per annum are still anticipated for future years. Required:Using David anticipated figures, identify the loss reliefs available to David and explain which of the available reliefs would be most beneficial for him to claim. Support your answer with calculations of the income tax (IT) saving achieved in each case. Assume that the tax rates and allowances for 2015/16 apply throughout this question. Clear demonstration of a sophisticated, critical and thorough understanding of the most beneficial loss relief option available to taxpayer, correct calculation of loss relief under each option, and giving correct advice to taxpayer based on tax savings achieved under each option.