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Offsetting

Offsetting means balancing money that you are owed with money that you owe.

When it comes to tax, it can mean a few things:

  • subtracting a capital loss from a capital gain and paying less tax. For example, you had two shares, sold one for profit and one for a loss: you only pay Capital Gains Tax on the difference
  • same for rental income if you have multiple properties
  • you can also offset profits this year by bringing forward losses from the previous year – but only for the same type of income.

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