setting off trading losses against chargeable gains

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May 24, 2020 at 12:21 pm

AverageAndy
Participant
sir i waned to ask if we can set off trading losses of the following year against previous year’s chargeable gains without using up the previous year’s total income first? or it compulsory for us to fully utilise previous year’s total income first and only then can we make use of the chargeable gains of that previous year.

May 25, 2020 at 1:44 pm

Tax Tutor
Keymaster
For the year in which you make this “extension” claim – you MUST FIRSTLY make a claim against Total Income for THAT tax year – as is stated in the notes (section 4 notes (d) (i) and (ii)) and discussed in the lecture.
As you state above – that treatment is compulsory.
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