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Excess Case V cap allowances

  • 16-12-2016 9:37am
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Folks,
    Can a residential letter offset excess case v allowances against other income including PAYE?
    I know indus buildings excess can be offset just unsure about residential.


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    No

    Case V losses can only be offset against Case V gains


  • #3
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    Mr. Incognito wrote: »
    No

    Case V losses can only be offset against Case V gains

    You are wrong. Yes, Case V losses can only be used against Case V income, but, unused current year excess Case V Capital Allowances can be used against other income. My understanding after a little research.


  • #4
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    Heisenburg81 wrote: »
    You are wrong. Yes, Case V losses can only be used against Case V income, but, unused current year excess Case V Capital Allowances can be used against other income. My understanding after a little research.

    No.

    S.406 disallows this where it is a residential letting, and the allowances are of a type referred to in s284(7)..


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