Trading losses

Question 1

Continuing trades

Answer 1

Loss relief against total income for the current year and prior year. Its all or nothing, may waste personal allowance.

For this the business must be conducted on a commercial basis. Max offset vs non-trade income higher of: 50K or 25% of total income after gross PPC

Question 2

Continuing trade

Answer 2

Carry forward against same trade.

Trading losses relieved against capital gains