BTX - what can you offset trading income against?

topcat

Hi All,

getting quite confused with what you can and can not see trading loss against?

In the example below they have set it against rental income?

I thought trading loss can only be set against trading income?
Property against property ?
capital losses against capital gains etc?





Thanks

Lucy_M

Losses are my nemesis... but... Trading losses for the current year and when going back a year can be offset against the taxable total profit, then, when carried forward, are only set against trading profits. Capital losses can only be set against capital gains. Rental losses can be set against TTP. xx

topcat

Thanks very much lucy that makes sense they are horrible , thank you for your help on the other thread to really appreciated going to have another read tomorrow as my brain is about done for the day

Lucy_M

You're welcome, only did Btax last week so quite fresh! Just budgeting now (and the wait for btax result of course... -_-)