Luigi incurs a trading loss of £280,000 in tax year 2023-24. None of this is caused by overlap relief. He makes a claim to the effect that this loss should be set first against his total income for tax year 2022-23 and then against his total income for tax year 2023-24.

– His trading income for 2022-23 was £120,000.

– He also has property income of £90,000 per annum.

Assuming that Luigi's adjusted total income is always equal to his total income, compute the amount of his net income for:

(a) 2022-23

(b) 2023-24.