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Post Info TOPIC: Setting off trading loss against rental income
books2013


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Setting off trading loss against rental income
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Hi all. As in the question title I'm wondering if it's possible to set off a trading loss incurred in the year against rental profits from a jointly held property? The SA form seems to want details off the property loss bf and this has made me uncertain whether this can be done. The guidance refers you to the ITA 2007 which talks about setting losses against general income. But doesn't say what general income is! I would appreciate any help please. Many thanks

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RobH


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Yes you can do it that way round but interestingly you wouldn't be able to offset property losses against other income.

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Rob
www.accounts-solutions.com
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