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The top half of the screen relates to furnished holiday letting (FHLs):
UK Furnished holiday let loss brought forward - will be inserted automatically by the bring forward routines provided that a final tax return or tax computation has been ran in the previous year prior to performing the bring forward routine.
Furnished holiday let loss arising in the year - this is computed automatically by iris based on income and expenses entered.
Loss offset against this years total income (Pre 2012) - it is possible to make a claim under s380 to set furnished holiday let losses against other income on the current year's tax return. Any amount entered here will be printed in box 5.16 and will reduce the overall tax liability provided that there is sufficient income to absorb the loss.
Loss offset against capital gains (Pre 2012) - enter the amount of the furnished holiday let loss that is to be set against capital gains. The amount will be printed in used on the capital gains pages provided that there are sufficient capital gains to absorb the loss.
Loss to carry back (Pre 2012) - a claim may be made under s380 to carry the furnished holiday let loss back to the preceding year to set against other income. The previous year's return will not pick up this amount automatically. The correct entry for the return depend on the circumstances. Refer to carrying back losses to the previous year for more information.
Loss offset against other income from property (Pre 2012) - any furnished holiday let losses not set against other income or capital gains or carried back to the previous year will automatically be set against any other property income, if applicable. The amount will be printed in box 17 (2007 : 5.18). If it is not utilised it will be rolled forward as a property loss brought forward.
The bottom half of the screen relates to all other properties.
Property loss brought forward - will be inserted automatically by the bring forward routines provided that a final tax return or tax computation has been ran in the previous year prior to performing the bring forward routine.
Property loss arising in the year - this is the total amount of income minus expenses entered for the year, this does not include losses from furnished holiday lets which are shown in the top half of the screen
Loss offset against total income - utilisation of property losses is restricted to set-off against income from other properties. However, if there is a loss which includes capital allowances then they (net of balancing charges) may be offset against total income. The system will automatically restrict the amount (usually zero) that may be entered in this field.
Loss offset against UK FHL profits - this is the amount of property losses being set off against UK FHL in the current year, any amount entered in this field will be included in box 14 on the UK Property supplement.
Loss to carry forward or use against other income from property (Pre 2012) - this is the loss brought forward plus the loss arising in the year, minus any loss offset against other income in the year. This amount will be offset against other property income and any loss not utilised will be carried forward.
