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Dear Tax Tutor,
For Loss Relief against total income (individual), if the sole trader choose to first relief against total income of preceding tax year, if loss still remain after the deduction, can he choose to then set against the total income of current year OR he MUST first extend the loss claim against chargeable gain of preceding tax year (if any)?
Thanks.
Taxpayer may choose to claim relief against total income of current and / or preceding tax year without any requirement to extend the loss against chargeable gains. If however the taxpayer wishes to make a claim against chargeable gains for a tax year then the taxpayer MUST firstly have made a claim against total income for THAT tax year
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