just going through the losses chapter and am a little confused! One example says that trading losses carried forward cannot be deducted from property income and then the next example which is carrying losses back includes the property income in the deduction! Are there different rules on this for carry forward and carry back?
I am self studying so looking for your help on here :)
Trading Losses can be set off against Total Income for current year and Total Income for previous year. While property losses can only be adjusted against property income for current year or carried forward against future property incomes.