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Capping losses

Hi all

A quick one - the Autumn budget says words to the effect of 'Trading losses will be capped to the extent they can be relieved against general income'.  Is that just a long winded way of saying trade losses cannot be set against capitl gains anymore?  It's an odd way of phrasing it (at least in the summary I've been sent), saying the loss will be capped, it's more like it has been restricted in what it can be used against, the total loss remains unchanged and excess can be carried forward.

Or perhaps that's just me!

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06th Dec 2012 10:45

Is it that it will be capped if used against gains and other income but won't be capped if carried back/forward against previous/future trade profits?

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