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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4985
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am filling in my wife's tax form she is employed on paye

Resolved Question:

I am filling in my wife's tax form she is employed on paye but rents out 2 flats and some land she has made a loss on the rental of approx £3000 when I come to submit the tax form it says she owes about £150 in tax I cant understand why she is not due a rebate with that sort of loss
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Property incomes losses can only be offset against property income profits, I'm afraid.

These losses will be carried forward and you can use them against profits in future years.
More information and confirmation of this can be found in HMRC maual here

http://www.hmrc.gov.uk/manuals/pimmanual/pim4210.htm


I hope this is helpful and answers your question.


If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

Am I to assume that the loss she has made on the land rental from our small holding is also not allowable ?

Expert:  taxadvisor.uk replied 2 years ago.
Ernie, thank you for your reply.

You are correct in your assumption that the loss made on land rental is also not allowable against other income but should be carried forward to future years.

I hope this is helpful and answers your question.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.