I have accumulated losses from renting out residential property.
Can I use these against any other income or capital gains or do I have to carry them forward against future property income?
Ross
Replies (3)
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Tax Tips and Advice suggest this.
New issue came to day and just skimmed through, I only subscribe because clients do and I like to be one step ahead, as this lot are often only one step up from the bloke down the pub.
The gist was, if you operate through a company rent it , under licence, the right to use (but not exclusively) your house for a commercial rent. This will be part of your property portfolio income and thus can be off-set against losses on other properties. The rent expense will attract Corporation Tax relief in the company, albeit at a lower rate than income tax for a higher rate payer, but better than nothing if no expectation of a profit in the foeseeable future.
I'll check in the ofice tomorrow and amend this post if I got it wrong.
Carry Forward
You can only carry them forward to offset against future rental profit. Regards Peter
against same trade
They have to be carried forward against future rental income unless
they are holiday lettings