Claiming losses back against paye

[Jeddi John]

Can one claim losses from 'buy to let' property back from paye paid taxes?

 

[Zeno]

Standard property let, no.

 

[elaine@cheapaccounting]

See the notes to the property self assessment supplement here as to how to deal with losses:

http://www.hmrc.gov.uk/worksheets/sa105-notes.pdf

Final page explains it

Box 40 Loss set-off against 2008-09 total income
You can only set-off the loss in box 39 against total income if:
• the loss is due to certain agricultural expenses and your rental business
includes land used for agricultural purposes (see Help Sheet 251
Agricultural land), or
• the loss arises as a result of claims to capital allowances (and your capital
allowances in boxes 30 to 32 exceed your balancing charges in box 29).
The loss that may be set-off is limited to the lowest of:
- boxes 30 to 32 minus box 29, or
- the loss in box 39, or
- the amount of your other income.
Enter in box 40 the amount you wish to set-off together with the amount of
any similar loss brought forward from last year (see the notes to box 37).