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of <h1>Enacted section: racehorse ownership losses ring-fenced-offset only against same activity income, four-year carryforward limits and record requirement</h1> Losses from the specified activity of owning and maintaining race horses are ring-fenced: they may be set off only against income from the same activity and, if unabsorbed, carried forward for up to four succeeding tax years and applied only in years the activity is carried on. The enacted Section rephrases and sequences the Bill's provisions (positive framing and stepwise set-off/ carry-forward mechanics) and slightly reorganises definitions (introducing distinct 'horse race'/'race horses' terms), but produces no substantive change to tax outcomes; no exceptions, transitional rules or procedural formalities are provided, so separate records and proof of activity are necessary.
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