Schedule DV Losses

Article ID

ias-5565

Article Name

Schedule DV Losses

Created Date

29th February 2008

Product

IRIS Business Tax

Problem

How can Schedule DV losses be utilised?

Resolution

Sch. DV losses can only be relieved against Sch. DV profits from the same trade or property: – This loss is to be netted against DV profits and entered in Box 9 of the detailed CT600 (S392B ICTA 1988). Any loss on an overseas property (including caravans and houseboats) can be carried forward and set against future profits from the same property. The loss cannot be set against any other income of the same year. The offset of relief against profits is not allowed in any circumstances for Schedule D Case V losses (S393A (3) ICTA 1988).

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