Question:
I have two flats in UK, a house in Donegal (ROI), and my own home. The flats are working out satisfactorily, but we have had to start renting out the house in Ireland as a holiday let. Is there a way of off-setting losses in Ireland against profits in the UK?
Arthur Weller replies:
An overseas property business is separate to a UK property business. Profits from one cannot be offset against the other, as can be seen on www.hmrc.gov.uk/manuals/pimmanual/PIM4703.htm. You need to do your best to ensure that the Irish property makes a profit, so any losses in a previous year can be brought forward and offset against profits in a future year
