Hopefully someone can nail this one down for me. Despite some advice already, I've not really got it absolutely clear in my head.
I made a net loss on rental income in 2011, and therefore my tax liability on this income is ZERO, without utilising any (1) losses forward, or any (2) capital allowances. I do have both (1) & (2) available to call on.
I'm therefore unsure what to do about (1) & (2), given that I don't need them as such for now. Do I mention them on the Form 12 at all? If not, can I use them some other year when I might need them to offset a liability?
Thanks
I made a net loss on rental income in 2011, and therefore my tax liability on this income is ZERO, without utilising any (1) losses forward, or any (2) capital allowances. I do have both (1) & (2) available to call on.
I'm therefore unsure what to do about (1) & (2), given that I don't need them as such for now. Do I mention them on the Form 12 at all? If not, can I use them some other year when I might need them to offset a liability?
Thanks
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