Completely correct, Uttsy. All your income is added together for the year and that is what you pay tax on.
It is why a lot of stockmarket investors (me included) like to get rid of the dog stocks we hold sometime in June, so we can use those losses to offset gains.
Creating a tax loss can be very useful the following year, if your shares are surging and you are selling at big profit(s).
High Volumes...... Heading North., page-154
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