Last tax year, I made a profit for the first time on a property I have let out since 2007. I had a loss carried over from TY09/10 which I used to reduce the profit. For TY11/12 I will again make a profit and due to the fact that I was a lower rate tax payer last year(TY10/11) and am a higher rate tax payer this year(TY11/12), I realise that I would have been several hundred pounds better off if I had ‘saved’ my loss from TY09/10 and used it to offset against my higher rate taxed profit this year rather than last year.
A couple of questions…
1) For future reference, do you have to use your loss from a previous year in the immediately following tax year if you make a profit in that year or can you save it to use in future years?
2) Bit of a long shot, but is there any way (eg by writing to the HMRC) I can reclaim the ’loss’ I used last year so that I can use it in this tax year instead?!
Thanks in advance for any responses.
A couple of questions…
1) For future reference, do you have to use your loss from a previous year in the immediately following tax year if you make a profit in that year or can you save it to use in future years?
2) Bit of a long shot, but is there any way (eg by writing to the HMRC) I can reclaim the ’loss’ I used last year so that I can use it in this tax year instead?!
Thanks in advance for any responses.