Is the loss a capital loss on selling the property/
Or is it a loss on rental of the property?
Losses on renting the property
Losses on foreign rental would be under Case III forign possessions. Such losses are only useable against foregn income.
generally Revenue would only offset against other foreign rental.
Unuses losses would be carried forward
Capital Loss
Any loss would be useable against another capital gain in the year, wherever sourced.
It could not be used against income of nay sort.
Unused loss would be carried forward against future capital gains.
Therefore, neither case gives you an offset against PAYE.
It is important to note that you will also need to file Form 11 by 31st October in relation to any rental income.
If you dispose of theproperty you will need to file a return for Capital Gains tax even if you make a loss
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