Corporation tax losses

Corporation tax losses

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If a company has a trading loss in one year and it also has rental income, would I be right in assuming that the loss can be relieved against either

rental income in current year

rental income in previous year

trade profit in previous year.

Many thanks

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Euan's picture
By Euan MacLennan
10th Nov 2014 10:34

Not quite

Basically right, but you can only carry back the balance of the trading loss for the current year against the total income of the previous year after you have claimed relief against the total income of the current year.  See s.37(4) CTA 2010.

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By Caro Line
10th Nov 2014 11:25

Many thanks for this.

Can an excess debit on a loan relationship be carried forward and set against a  future or current capital gain?

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Portia profile image
By Portia Nina Levin
10th Nov 2014 11:25

Yes

.

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