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Sam
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Category: Tax
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Can you offset an income tax loss brought forward on

Resolved Question:

Hello can you offset an income tax loss brought forward on a sole trade against the capital gain generated (through the sale of net assets/liabilities to a company) once the sole trade is incorporated
thanks
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
No I am afraid not as they are different tax regimes.
The loss will have to be forgone as it could only ever have been offset against trade profits or other taxed income for that same year.
Sorry the news is not more favourable - let me know if I can be of any further assistance with this matter.
Thanks
Sam
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