Page 22 - F6 - Special Deductions

Set-off Of Assessed Losses

Carrying of a trade

 Does not have to carry on trade for the entire year (any

period during the year is fine)

 BUT:

 It is necessary that income is produced in the operation of

trade.

 Carrying on of trade: more than just the intention

 Must also include active steps

Just the receipt of Interest and Dividends ≠ carrying on of trade

(Except if moneylender/sharedealer)

 2 Requirements:

 Carrying on trade; and

 Income accrued from trade