Property losses

Property losses

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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

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By User deleted
15th Sep 2008 22:28

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.

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By User deleted
11th Sep 2008 14:24

Carry Forward
You can only carry them forward to offset against future rental profit. Regards Peter

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By User deleted
11th Sep 2008 13:47

against same trade
They have to be carried forward against future rental income unless
they are holiday lettings

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