Current year property losses being utilised by current year trading profits

Article ID

ias-9609

Article Name

Current year property losses being utilised by current year trading profits

Created Date

14th March 2011

Product

IRIS Business Tax

Problem

Why are my current year Property losses (Schedule A) being utilised by current year Trading profits (Schedule D1)?

Resolution

Schedule A property losses must, first of all be set off against the company’s total profits for the accounting period. – The losses will be entered into box 26 on the full CT600 – In compliance with S392A (1) ICTA 1988