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Where Taxpayers and Advisers Meet

Rules for losses carried forward

mungodaisy
Posts: 8
Joined: Wed Mar 02, 2011 8:06 pm

Rules for losses carried forward

Postby mungodaisy » Mon Mar 12, 2018 12:41 pm

My wife and I have had a farming business for about 20 years. It has made a small loss every year since we started the business (we fund it from our other income).
We are equal partners and have shown the loss on our partnership return and self assessments every year.

We are in the process of retiring and our costs have reduced considerably. We are also leasing out some of the land. This means we have turned into profit. This situation will continue for several years yet.

How far back can we make use of the previous losses to offset the profit?

bd6759
Posts: 2839
Joined: Sat Feb 01, 2014 3:26 pm

Re: Rules for losses carried forward

Postby bd6759 » Mon Mar 12, 2018 10:18 pm

There is no time limit, as long as the losses have been declared and carried forward each year. Your last return should have shown the accumulated losses brought forward,


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