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This screen has changed slightly in 2002. The field for Loss offset against total income has been added.
Allocated profit (-ve= loss) - enter the profit or loss (negative amount) for the account period. This should not include any profit or loss from furnished holiday lettings (Pre 2012). This should include any profit for furnished holiday lettings but exclude any furnished holiday let losses.
Adjustment to profit/loss for period - IRIS will compute the basis period adjustment automatically. If, for any reason you wish to override it, enter your own adjustment here (enter a negative amount to reduce the figure shown above). In most cases the adjustment field should be left blank.
Loss brought forward - enter any loss brought forward from earlier tax years. Note that the losses from partnership properties cannot be used against any property income entered in the individual's land and property pages. Nor can losses from the individual's land and property be set against partnership property profits (with the exception of losses on furnished holiday lettings).
Loss offset against total income - there are very few cases where property losses can be offset against income. Where part of the loss is due to capital allowances, that portion of the loss may be set against total income.
Loss offset against UK FHL profits - any value in this field will be included in box 41 on page 3 of the Partnership supplement.
Loss carried forward - leave this field blank, IRIS will automatically insert the correct figure onto the tax return.
Profit from UK or EEA furnished holiday lettings - enter any profit from UK or EEA furnished holiday lettings for the accounting period.
Adjustment to profit for basis period - enter any adjustments to arrive at the profit (or loss) for your basis period.
Allowable loss on furnished holiday lettings (Pre 2012) - enter the allowable loss on furnished holiday lettings (FHLs). FHL profits should be included in the allocated profit at the top of this screen.
Loss to set against other income (Pre 2012) - FHL losses may be set against other income. If this election is made, enter the amount here. Note that there is no facility to set FHL losses from a partnership against capital gains. this must be entered via the share of trading income section in the field titled loss offset against capital gains.
Loss to carry back (Pre 2012) - enter any amounts to be carried back and set against the prior year's income.
Loss to set against other property income (Pre 2012) - enter any FHL loss not set against income or carried back will be set against other property income. This is the partnership's property income. The loss cannot be set against any schedule A income the individual may have received in his or her own right.
