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Tax losses from LLP

Offsetting losses against other income

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Client is a partner in an LLP syndicate that rents out commercial property. The LLP incurs losses that include capital allowances. The clients only other source of income is commercial property rental in his own name.

Can the LLP losses and capital allowances be set off against his other income.

 

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18th Oct 2018 12:54

Not if they are losses from a partnership property business.

Losses from different property 'businesses' [personal, partnership, foreign] can only be used against the same property 'business'.

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to Paul D Utherone
18th Oct 2018 13:06

To the extent that they arise from capital allowances they can be. ITA 2007, s 120.

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to Portia Nina Levin
18th Oct 2018 21:09

True. More haste less speed

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By DJKL
to Paul D Utherone
19th Oct 2018 10:10

Festina lente.

Now all I need is to be asked if Cornelia is a big or a small girl and that is all the Latin I can recall from two years of study (or lack of study)

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By finer
to Portia Nina Levin
19th Oct 2018 10:24

Thank you very much for the reference to claiming capital allowances

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