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Property Income Not Part of Farming

A farmer has failed in his attempt to set off his farming losses against his other income when the First-tier Tribunal (FTT) found that his property income was not part of the same trade as his farming business and therefore farming losses could not be aggregated with this income to provide a 'net figure'.

His further claim that statutory loss reliefs could apply to set off the farming losses against his other income also failed. The FTT considered that the loss relief restriction in Section 67 of the Income Tax Act 2007 applied and that his farming business failed to meet the 'reasonable expectation of profit' test. Where there is no reasonable expectation of profit, losses cannot be set off against other income.


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