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TX UK PRE JUN 24 MOCK0004
For the tax year 2023-24 Ethan made a trading loss of £97,000 and had employment income of £12,000. For the tax year 2022-23 he made a trading profit of £20,000 and had employment income of £75,000.How much of the £97,000 trading loss could be set against Ethan’s total income for the tax year 2022-
23?The answer is £70,000. I don’t understand it as the CAP should apply to the total income not just the non-trading profits?
Please explain
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