Business losses has to be looked into two different categories:

    Current year loss
    Prior (previous) year loss
1.  Business losses incurred for the current accounting period (current year loss) can be set-off against the followings:
    Chargeable Income of a business income
    Chargeable Income of a non-business income
2.  Business losses incurred for the prior years accounting periods (previous years) can be set-off against the followings:
    Chargeable Income of a business income ONLY
3.  Prior year business loss CANNOT be set-off against future chargeable business income if the following occurs:     The Company became dormant.     More than 50% of the ownership of the Company has been changed.