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Where Taxpayers and Advisers Meet

Trading losses used against non trading income

type R
Posts:3
Joined:Wed Aug 06, 2008 3:37 pm

Postby type R » Sun May 14, 2006 1:30 am

When you have trading losses which you use against non trading income, and then carry the losses forward for Class 4 NI purposes, can be be carried forward indefinately until it is used up, or is it limited to the following year only?

Thanks in advance to any one who answers.

Instinctive
Posts:1797
Joined:Wed Aug 06, 2008 3:15 pm

Postby Instinctive » Sun May 14, 2006 3:38 am

My understanding is that the losses are available to carry forward indefinitely and to be used against first available NIC4 profits until exhausted. The losses will need to be claimed and not become time-barred.

Ramnik


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