A client has had small trading losses for a few years and keeps carrying forward. They have now sold a property which has given a capital gain. Can you offset these trading losses against the Capital Gain?
Many thanks
Helen Dobbs
Replies (1)
Please login or register to join the discussion.
Wrong years
A trading loss can be set against capital gains if there is anything left over after first using it against other income. But: losses brought forward will not do -they have to be of the same year in which the gain is made though, provided the trade hasn't ceased, one can add on a loss of the following year ( again after first setting-off against other income).