Partnership tarding losses

Partnership tarding losses

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Two men started a partnership in April 2010 and they made a loss the 2010/11 year. can the loss be carried back for each of the partners if:

1. one of them was self-employed in 2009/10 and had a profit

2. the other one was employed.

Thank you

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By pauld
14th Nov 2011 21:33

yes and yes
.

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By mackthefork
14th Nov 2011 22:41

As well as above......

Under S64(2)(b)

You can make a claim under S72 instead (or in addition) against income from 2007/08 and forwards (2008/09 then 2009/10 if any left) if this is better, losses have to be relieved to the fullest extent possible though, even if that means wasting personal allowances.

MtF

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