Commentary on Sections Overview Overview Section 118: Carry forward against subsequent property business profits
397.This section provides relief for property losses against property business income of later years. It is based on sections 379A and 379B of ICTA.
398.Section 272 of ITTOIA specifies that the same rules apply in calculating profits and losses of a property business as apply for calculating profits and losses of a trade. So rewriting section 379A(7) of ICTA is unnecessary. See the reference to section 272 of ITTOIA in section 59.