Income tax question
23 June 2007, 08:20 PM
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Income tax question
This may sound stupid but...
Can income loss be written off against income gain like capital gains?
Example; Joe Bloggs earns £30k a year and is self employed. He also owns a btl type investment where the rental income is £10k pa but he pays £20k pa in interest on the mortgage. Can he offset the £10k loss on the property against his £30k income?
Can income loss be written off against income gain like capital gains?
Example; Joe Bloggs earns £30k a year and is self employed. He also owns a btl type investment where the rental income is £10k pa but he pays £20k pa in interest on the mortgage. Can he offset the £10k loss on the property against his £30k income?
23 June 2007, 08:28 PM
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This may sound stupid but...
Can income loss be written off against income gain like capital gains?
Example; Joe Bloggs earns £30k a year and is self employed. He also owns a btl type investment where the rental income is £10k pa but he pays £20k pa in interest on the mortgage. Can he offset the £10k loss on the property against his £30k income?
Can income loss be written off against income gain like capital gains?
Example; Joe Bloggs earns £30k a year and is self employed. He also owns a btl type investment where the rental income is £10k pa but he pays £20k pa in interest on the mortgage. Can he offset the £10k loss on the property against his £30k income?
24 June 2007, 10:09 AM
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