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Ooh losses – Whatever will we do?
  • Ooh losses  – Whatever will we do?
Ooh losses – Whatever will we do?
By admin In Uncategorized Posted April 10, 2018 0 Comments

He has a loss of £10k to carry forward from his properties. He moved back into his solely owned flat for an entire tax year, renovated his main residence, then let it again. He then let a separate property with his wife (and made a small loss for 16/17). Could these losses be carried forward and used against future profits?”

If you’ve got a situation where a couple jointly own a property and it’s not a partnership then the half-share that each of them has will be treated as part of that individual’s property letting business,”

The husband can own a property on his own and have a half interest in a property he owns jointly with his wife. If that husband has a single property letting business comprising one and half properties, the losses and profits will then be pooled and any excess losses carried forward against future property letting profits from that property letting business,

It is important to  distinguish between the taxation of property that is jointly owned and property that is owned by a partnership.

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