what is setoff in legal terms??

2006-06-17 03:52:12 · 1 answers · asked by hassan r 1 in Local Businesses ➔ United Kingdom ➔ London

1 answers

In legal parlance, set off means "adjust" or "compensate".

For Example: It is allowed to "set off" losses under one head of income against the profits under any other heads of income for the same financial year.

2006-06-19 20:36:46 · answer #1 · answered by helpaneed 7 · 0⤊ 0⤋

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