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<h1>Losses from race-horse ownership limited to set-off against race-horse income and carried forward for limited years.</h1> Losses from the activity of owning and maintaining race horses cannot be set off against other income and must be carried forward and set off only against income from that activity, provided the activity is carried on in the relevant previous year; unabsorbed loss may be carried forward to subsequent assessment years but not for more than four assessment years after the year of computation. The 'amount of loss' is defined by expenditure for maintaining race horses or the shortfall against stake money where prize receipts exist.
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