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trading loss against paye income

trading loss against paye income

Sole trader is resident and trading in UK and has made a loss 2007/08. He has additional employment income earned in Ireland. The employment income will be included in his UK tax return with claim for foreign tax credit on tax deducted from paye in Ireland. Is he allowed to offset loss from sole trader business against paye income in Ireland? Many thanks for replies and i appreciate your time on this one.


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23rd Oct 2008 09:32

No offset
Tax paid to a foreign country cannot under any circumstances be claimed from UK. Only tax paid to UK HMRC can be claimed back. It is possible to claim relief on foreign tax paid to avoid double taxation as you have already stated however always remember where the original tax was paid, if not to UK then no claim. I assume income is from Eire and not Northern Ireland.

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