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Passing over

24 January 2012
Issue: 4338 / Categories: Forum & Feedback
The owner of rental properties died in 2009/10. They were left to his brother and transferred to him in 2010/11. During the period of administration, a loss was recorded. Can it be carried forward and set against the brother’s profits?

A client ho held a number of rented properties died in 2009/10. The only beneficiary of the client was his brother and the properties were transferred into the brother’s name at the start of 2010/11.

With a mixture of low interest rates and improved occupancy rates the brother has made a profit on the property income business in 2010/11.

While the properties were in the name of the sole executor who was the brother who now owns the properties the rental properties made an overall loss.

Do readers consider that the loss made by the executor in 2009/10 can be set against the brother’s rental profit in 2010/11?

Having researched the point I was unable to find clear guidance one way or the other so look forward to comments on this point.

Query 17 928 – Bruv

Reply from Cello Boy

The surviving...

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