Can I Offset Last Year's Loss?
Last year I declared a loss of around £3,000 in my tax return from the rental business. This year there will be a small profit of around £500. Can I use the £2,500 left to offset profits on the following year?
If you look on page PIM4210 of the Revenue Property Income Manual on the Revenue website you can see:
"The rental business profit of the current year may be too small to give relief for all the loss of the previous year. In that case the unused part of the loss is carried forward to the next year; and so on indefinitely until relief can be given."
Got a burning tax question?
Why not submit a tax question to our tax advisorsAsk a Question