Against rental profit, yes. Against your salary, no.
A loss on one property is set against profit on another in the same tax year, because your properties are treated as a single UK property business. Anything left over carries forward to future years indefinitely.
You cannot use a rental loss to reduce tax on employment income, which surprises people who have had an expensive year.
Carried forward losses have to be claimed and recorded on the return each year, or they quietly stop being available.
Leave a Reply