Property losses b/fwd and non trading loan relationship

Property losses b/fwd and non trading loan...

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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

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By User deleted
11th Jun 2011 10:21

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.

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By KRUNALDESAI19
11th Jun 2011 10:55

Thanks
Thank you very much for your time and efforts.

Lastly would like to know whether that loss relief deal by Section 392/A of the corporation tax or not.

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By User deleted
11th Jun 2011 12:02

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)

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