Offsetting rental losses against other properties?

[simontrent]

Following up on my previous thread regarding business rates on a vacant commercial property.

The property is vacant and so current costs will produce a net rental loss. The plan is to sell the property once planning is granted and so future rental incomce is not expected.

Can these rental losses be offset against another property in the portfolio? If so, can this be flipped from commercial to residential?

Thanks

[Eric Mc]

Are the various properties all in the name of the same taxpayer?

[marcusjames]

Eric Mc said:

Are the various properties all in the name of the same taxpayer?

Yes Eric. One commercial and two residentials.

[sumo69]

If all the properties are beneficially owned by the same person, then all profits and losses are pooled when preparing the tax return giving automatic loss relief for the vacant property.

PM me if you want any further explanation.

David

[Eric Mc]

sumo69 said:

If all the properties are beneficially owned by the same person, then all profits and losses are pooled when preparing the tax return giving automatic loss relief for the vacant property.

PM me if you want any further explanation.

David

That was why I asked the question

[Wings]

sumo69 said:

If all the properties are beneficially owned by the same person, then all profits and losses are pooled when preparing the tax return giving automatic loss relief for the vacant property.

PM me if you want any further explanation.

David

My understanding too!!

[Eric Mc]

of course, the op needs to make a note of any losses he wants to bring fotrward to the next and future tax returns. it's very easy to forget to include previous year's losses when completing a later tax return.

luckilly, my software automatically brings forward accumulated losses from previous years.

[sumo69]

Eric Mc said:

of course, the op needs to make a note of any losses he wants to bring fotrward to the next and future tax returns. it's very easy to forget to include previous year's losses when completing a later tax return.

luckilly, my software automatically brings forward accumulated losses from previous years.

Mine too LUCKILY!!