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Posted Sun, 07 Jan 2024 12:29:59 GMT by
I have one rental property - a flat I used to live in and have rented out for 7 years. I had a good year renting it out in 22/23, then a terrible year in 23/24 where tenants have caused thousands of pounds of damage and I will be making a large loss. The tenants are out, so I know my total income from 23/24. I will sell the property in 24/25, so I won't be able to bring my losses from 23/24 into 24/25 as I will not need to do a self assessment (but know Capital Gains may be applicable). Is there any way I can account for the losses made in 23/24 in this year's (22/23) self assessment? Thank you!
Posted Tue, 09 Jan 2024 09:18:39 GMT by HMRC Admin 2 Response
Hi,

A rental loss can only be carried forward and set against rental profits from the same rental business.

A rental loss cannot be carried back to an earlier year. 

Thank you.

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