business tax

i am bit confused.
just want to know can it allowable to carried forward property loss without set of against current year the year loss incurred ?

please explain in simple English.

thank for time and support

Comments

  • Lisa1981
    Lisa1981 Registered Posts: 1 New contributor ?
    In simple Enqlish, yes.

    Property losses can only be set off against future profits from property income. The loss cannot be used against any other income and cannot be carried back.

    Hope that helps.
  • hanapospis
    hanapospis Registered Posts: 111 ? ? ?
    I might be wrong but I thought that (if we are talking about business tax) that rental income is part of PCTCT so the losses can be set again the current period PCTCT and anything left set again future PCTCT... Am I wrong?
  • Moseley_21
    Moseley_21 Registered Posts: 59 ? ? ?
    I also thought that it was included in the PCTCT and any losses can be taken against the current years profits. Also the same vice versa if there is property income however the company makes a loss this loss can be used against the property income. As far as i was aware any further loss can be taken either the previous year ( for immediate gain) or taken in the year following the loss.
    I think there may have been some confusion with capital gains/ losses which indeed can only be taken against each other and capital losses can only be taken in the current year or moved onto the following year.
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