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To access this screen select Data entry | Calculation | Income. When you click Property Income the Edit menu allows you to select the Property losses option. The screen may also be accessed via Data entry | Calculation | Deductions and Reliefs and click Property losses.
Business Tax calculates the amount of Property losses that can be utilised in the period.
When you first use a client in Business Tax you must enter any losses brought forward in this field. In future years, Business Tax completes this field when you run Bring forward.
In the Return and corporation tax computation the loss brought forward is added to any Property loss for this period and utilised against total profits for the period in box 250. The unutilized amount is carried forward.
Select Data Entry | Groups and Consortium (CT600C) and complete the Surrender as Group Relief tab. Business Tax checks to ensure the amount is valid. The amount entered in the Excess of Property losses over profits field of the Allocation table will be copied to this field.
Losses to be carried forward are calculated automatically by the program and cannot be overwritten. This field is adjusted for any other changes you make.
For more information on how Property is derived in Business Tax click here.