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TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I hold three properties on a buy-to-let basis. Is it the case

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I hold three properties on a buy-to-let basis. Is it the case that I can transfer losses across properties as well as across years?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

For tax purposes, you combine your buy to let profits and losses so that you are left with a net profit or loss for the tax year. You don't include furnished holiday let figures in this calculation.

If you have a net profit for the year then you pay tax on that along with your other income. If you have buy to let losses brought forward, you have to use these against the first available profit.

If you have a net loss for the year, you can carry it forward for use against the first available net profit in future tax years.

When calculating your net rental profit or loss for the year, you cannot include losses on property let at less than the commercial rate. Take a look here for more information on that.

Take a look here for information on utilising rental losses.

I hope this helps but let me know if you have any further questions.
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