If a Limited Company has property losses brought forward, is it possible to utilise that loss against current year's property income and income from non trading loan relationships?
Answer to this query would be highly appreciated
Replies (3)
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Yes
Provided the property business is still being carried on, property losses brought forward are treated as arising in the current year, and therefore available for offset against all profits and gains of the current period.
Yes - and no
s392A(2) of ICTA 1988 is indeed the relevant section - or was for accounting periods ended before 1 April 2010
For periods ended on or after that date, the relevant legislation is CTA 2010 s62(5)