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Posted Thu, 21 Sep 2023 09:12:46 GMT by
I made a big loss in 19/20 and 20/21 consecutively. Finally I could make a profit from rental income in 21/22 but it does not reach the personal income allowance of £12570. Since I have no other incomes, I probably don't have to pay tax for 21/22. I still have some losses brought forward from this property in 19/20 and 20/21. Could I keep this losses brought forward to be used 22/23 (as I have other incomes in 22/23) instead of against the income in 21/22?
Posted Mon, 25 Sep 2023 15:35:01 GMT by HMRC Admin 19 Response
Hi,

Property losses are automatically carried forward and set against the next profit from letting the same property, so unfortunatey you will need to use part of the loss available to carry forward against your 2021/22 profit and only any remaining balance is available to carry forward to 2022/23.

Thank you.

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