B
barndancer
Guest
Hi all,
I have a section 23 property which I have rented out for 4 years. It has been rented out continously since I purchased it and the tenancy has always been registered with PRTB. I bought the property which is in the midlands as I'm originally from the area and bought it on it's merits without taking much account of the S23 relief as the entire County is zoned S23.
I have since inherited a property which I'm renting out and I want to use the S23 relief to reduce my tax bill from both properties. The S23 property rental on it's own was and is generating a loss when mortgage interest and management fees etc. were taken into account and therefore I had no tax liability.
Problem is I haven't filed any tax returns on the S23 property as I had been told that this wasn't neccessary as I wasn't getting enough rent to have a tax liability. I now think i should have filed the returns each year anyway....is this the case??
Can I still file returns for these years? Will the fact that I haven't done so mean that I would lose the relief? I have all the relevant documentation including floor area compliance cert and certificate of compliance etc.
Any feed back would be greatly appreciated.
I have a section 23 property which I have rented out for 4 years. It has been rented out continously since I purchased it and the tenancy has always been registered with PRTB. I bought the property which is in the midlands as I'm originally from the area and bought it on it's merits without taking much account of the S23 relief as the entire County is zoned S23.
I have since inherited a property which I'm renting out and I want to use the S23 relief to reduce my tax bill from both properties. The S23 property rental on it's own was and is generating a loss when mortgage interest and management fees etc. were taken into account and therefore I had no tax liability.
Problem is I haven't filed any tax returns on the S23 property as I had been told that this wasn't neccessary as I wasn't getting enough rent to have a tax liability. I now think i should have filed the returns each year anyway....is this the case??
Can I still file returns for these years? Will the fact that I haven't done so mean that I would lose the relief? I have all the relevant documentation including floor area compliance cert and certificate of compliance etc.
Any feed back would be greatly appreciated.