FHL Terminal loss
Client purchased Caravan March 2009 on a holiday caravan site. FHL business 2009/10 and claimed 20% PMA adjusted for private use (170 days). No FHL business 2010/11 and no PMA claimed. FHL business throughout 2011/12 and no private use. Caravan sold March 2012. After adjusting for private use resulting BA is greater than Net FHL Profit for 2011/12. Can resulting Terminal Loss be offset against other income.