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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4882
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Hello i have a client who has profits on rental income, but also has losses brought forward which are greater than this year's profit. This is the client's only income. Can I restrict the amount of brought forward losses utilised, so that the client can take advantage of her personal allowance against the income. Or do I have to offset the loss brought forward against the entire profit, leaving income of zero and the loss of the personal allowance?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

You can't restrict the amount of brought forward losses to be offset against current year's profit. You have to utilise losses to the extent of profit made in the year (without taking into account personal allowance) and any balance carried forward.

More information on this can be founds on hs227 (page 4) here

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323538/hs227.pdf


and also on SA105-notes (Box 39 - page UKPN15) here

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/354379/sa105-notes.pdf


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.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4882
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Good luck.

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