media centre

How many times have you wished you'd had the benefit of foresight or hindsight when making business decisions? Speak to one of our experts today.

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.

Close

How can we help?

Please fill in this form and we'll get back to you as soon as possible.

Please enter your name
Please enter your phone number
Please enter your email address
Please let us know how you heard about us
Please enter your enquiry
One more thing... Please enter the verification code
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.