Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Trading losses

  • 25-11-2011 12:35pm
    #1
    Peachy1
    Registered Users, Registered Users 2 Posts: 25 ✭


    Hi

    My company has trading losses from 2010 and in this year i have both trading income and rental income. Can i offset the loss from last year on a value basis against my rental income??

    Thanks


Comments

  • #2
    MBateson
    Registered Users, Registered Users 2 Posts: 169 ✭✭MBateson


    Peachy1 wrote: »
    Hi

    My company has trading losses from 2010 and in this year i have both trading income and rental income. Can i offset the loss from last year on a value basis against my rental income??

    Thanks

    No, Case I losses carried forward can only reduce profits from that trade, if it's in the same year, it's against all income. You also have option to throw Case I losses back against all income for the preceding year (2009 in this case)


  • #3
    Bobby1984
    Registered Users, Registered Users 2 Posts: 269 ✭✭Bobby1984


    As MBateson said you can carry back a trading loss for offset against profits of any kind in the immediately preceding accounting period of equal length. The remaining losses must be carried forward and offset against income of the same trade.

    However AFAIK a Case I loss can be used to reduce the amount of the s440 surcharge payable on rental profits not distributed as it reduces the amount of income available for distribution.


Advertisement