Rental Losses

mickeyg

Registered User
Messages
321
For 2006 I had a loss from the rental of a property due to a lot of maintenance work having been carried out on the house. This was included in my Form 12 return for 2006.
I have just received my Balancing Statement for that year and no credit or deduction is included for such rental losses.
Is this correct or am I entitled to credit for such losses in calculating the tax I have overpaid or underpaid for 2006
 
Rental losses are in a different tax case ( Case V of Schedule D) to PAYE earnings ( Schedule E ) and are only allowed against future rental profits. The nil allowance therefore in 2006 is correct. You should remember to include the losses forward when computing 2007 net profits from rents.