Can loss derived in first year of letting out be carried forward to be set off rental in next year?

Can loss derived in first year of letting out...

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Can loss derived in first year of letting out a property be carried forward to be set off rental in next year?

If a tax payer has a loss in letting in first year, can he carry that forward to set off against rental in following year rather than against other income in that year as personal allowance covers other income?

The tax year of property letting has to be 6th April to 5th April?

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By Paul D Utherone
20th Mar 2015 07:27

That's all you can do

a property income loss cannot be set sideways against other income of the year.

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By Euan MacLennan
20th Mar 2015 09:42

Just to clarify

I think you are talking about a single property, but just in case there is more than one property, I would mention that you aggregate all the properties into one property business, so effectively any loss on one is set against the profits of the others in the same year.  Any overall loss can only be carried forward to set against future profits of the overall letting business.

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By User deleted
20th Mar 2015 09:59

Unless ...

... the properties are in different countries, you only aggregate like with like to stop people paying for overseas holiday homes with tax relief on their BTL portfolio.

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RLI
By lionofludesch
20th Mar 2015 10:05

Tax Year

And you only have a choice of 5th April as your year end.

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Replying to atleastisoundknowledgable...:
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By Portia Nina Levin
25th Apr 2015 12:34

(No subject)

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By King_Maker
20th Mar 2015 10:45

As Portia has said, only the Basis Period has to be  the Tax Year (except for partnerships).

You are free to choose any year end you wish, with the appropriate time apportionment.

 

[ Edited to add that I usually retain the year end of the relevant country for any foreign lettings.]

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Replying to NH:
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By [email protected]
26th Mar 2015 07:38

How soon can you change a year-end date please?

 

How soon can you change a year-end date please?

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By nogammonsinanundoubledgame
20th Mar 2015 10:39

Nonsense post cancelled

sorry

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By Paul D Utherone
27th Mar 2015 10:07

Whenever you like

Are you saying that you have something other than 5 April and want to change to that? As above, except for property in a partnership you will always have had to apportion results for a non 5 April year end to bring it in line for the tax year.

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By [email protected]
21st Oct 2015 11:42

Can you base buy to let rental on cash basis?

 

 

Can you base buy to let rental on cash basis?

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