First available profits

I want to check that my understanding of utilising trading losses is correct. 

I know that if trading losses are carried forward, they have to be utilised against the first available profits from the same trade.  What I'm not 100% sure on is how that interacts with the personal allowance.  Do they have to be utilised against the first available profits even if that means wasting some (or all) of your personal allowance in the year that they are utilised?  Or do you only use enough to ensure that you are getting maximum benefit from the personal allowance and continue to carry the remainder forward?  I've always assumed the former, but I've seen someone doing the latter and wanted to check...

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Your understanding is correct

MBK |

Many thanks - looks like a

Georgina Rollings |