Property losses - offset against other income

Article ID

ias-12033

Article Name

Property losses - offset against other income

Created Date

13th October 2015

Product

IRIS Personal Tax

Problem

There is a box to offset losses from a UK propety against other income, why is the figure in this box being ignored?

Resolution

Property losses cannot be offset against other income unless the losses have been created by capital allowances. Property losses can only be offset against other income PRE 2012. If the losses are not as a result of capital allowances or from a FHL the system will ignore the request and carry forward the losses to the following year.