You can set off any losses incurred in a trading operation against other taxable income from what ever source.
Losses in the current year are allowable against all income.
Losses carried forward are allowable only against income from the same trade.
Losses carried forward can be augmented by unrelieved capital allowances.
Losses on Case V (Rental Incomes) are only allowed against other Case V income.
If you require more information please consult your tax advisor or email us at tax@fixmytax.com. |
