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
Replies (3)
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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.