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Carry Forward (Rental Losses)


Losses made in a property letting business can be carried forward to the following tax year from the tax year in which they are made and also losses made in previous tax years that have not been fully absorbed in the event of profit in the tax year in question.  If a current loss combines with previous losses brought forward, the combined amount can be carried forward and this accumulates indefinitely until the loss is fully utilised.  Letting losses have to be used to offset first available profit and will show a tax saving where there is a liability generated by income over available personal allowance.