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trading Losses offset against rental profits

trading Losses offset against rental profits

I have rental profits from rent of commercial property and in the same tax year have also incurred losses in my trading business ( as a result of capital allowances). Am I right to assume that these can be offset? If so under what section of taxes act

many thanks

John

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23rd May 2012 15:05

trading profits can be "set

trading profits can be "set against general income of the tax year of the loss and/or the previous year"

ITA 2007, s 64

Hopefully that will give you something to go on

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