BTX - what can you offset trading income against?

topcat
topcat Trusted RegularRegistered Posts: 452
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?



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Thanks

Comments

  • Lucy_M
    Lucy_M Feels At Home Registered Posts: 136
    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
    topcat Trusted Regular Registered Posts: 452
    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
    Lucy_M Feels At Home Registered Posts: 136
    You're welcome, only did Btax last week so quite fresh! Just budgeting now (and the wait for btax result of course... -_-)
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