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02 February 2010
Issue: 4241 / Categories: Forum & Feedback
A husband and wife had part-time employment during their retirement and income from furnished holiday lettings. How are property income losses taken into account in calculating a tax credit claim?

My wife and I both had part-time work in our retirement and I completed a joint working tax credit claim until our final joint retirement on 31 March 2009.

We sent the final annual 2008/09 review form TC603R on 7 May 2009 which amended the original working tax credit provisional income of £17 022 (based on 2007/08) to the actual figure of £11 987.

A ‘final tax credits decision’ for 2008/09 (TC602CE) was issued on 25 June 2009 giving us an additional working tax credit of £1 911.50 (I have the disability allowance).

We had a holiday cottage the income of which was included in the £11 987 as above. This was sold on 23 October 2009 and due to various factors there was a final loss of £1 808 for 2009/10 which was claimed against the 2008/09 income.

The Tax Credit Office (TCO) have...

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