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of <h1>Race-horse ownership losses must be carried forward up to four years and set off only against same activity income</h1> Losses sustained in the activity of owning and maintaining race horses, calculated as expenditures (non-capital) or the shortfall where stake money is received, cannot be set off against income from other sources or heads; such losses must be carried forward and can only be set off against income from the same race-horse activity in subsequent assessment years. Carry forward is limited to four successive assessment years immediately following the year the loss was incurred, and set-off is permitted only if the race-horse activity continues in the relevant previous year. 'Horse race' means races on which wagering or betting may lawfully occur.
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