I have a client with 4 buy-to-let properties which currently make losses. Is there anyway that he could set this against his self-employed income as a moderately successful artist?
Ebenezer Scrooge
Replies (3)
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Sch A losses
No! Sch A losses can only be carried forward and set against future profits. The only way to be able to offset lkosses against other income is if were defined as a trade which i beluieve the IR would have not agree with
Buy To Let Losses
As far as I am aware the only way for the loss to be set against other income, is if the losses arise as a result of CA's. Not likely in my experienec so therefore, carry forward only.
Furnished Holiday Letting
If the client's letting followed the Furnished Holiday Letting regime with regard to length of tenancy, availability etc then it would be treated as an old D(i) business and so the losses could be allowed against old d(i) profits. If not then I agree with the other two postings - old Sch. A losses can only be carried forward.