Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.As you talking about "Rental Losses" ? Rental losses are common occurrence with mortgage interest, repairs and empty periods to deal with.
If you have rental losses, you cannot directly reclaim them. The tax system does not allow it and it is not at all generous with that.
First of all, there is no automatic, general right to offset the loss against other income, such as from a job or a business.. However, you CAN reclaim them under specific circumstances. That is not to say that there is no tax relief at all on a rental loss. Any loss is carried forward to the next year in which there is a rental profit (from the same property, or a different one), and used to reduce that profit. If the rental property business never makes a profit before it ends, the tax relief would then be lost forever.
Taking a immediate loss only qualifies for direct tax relief ONLY IN CASE of furnished holiday lettings.
I am sure this would help.
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Dear Friend,Hello and welcome again. Sorry for the delayed reply. I was bit unwell.YES. This applies even if you make loss on sale. You cannot adjust rental gains against that.