Why I am getting a message regarding unallocated finance costs brought forward ?
If you have several instances of foreign property income for which there are previous unused finance costs, you may have to manually enter the brought forward finance costs for those properties.
You will receive the following TaxCalc message:
In the previous tax year, there were unused residential finance costs of £xx which has been brought forward. A total of £x has been allocated to the property pages it relates to. However, £x remains unallocated. Please enter this amount into the Unused residential finance costs box on the property page/s it relates to.
HMRC Forms Mode:
Foreign Pages > Page 4,5 > Enter the amount in box 24.2
SimpleStep Mode:
Foreign income > Foreign land and property > Enter the amount in ‘Unused residential finance costs brought forward’
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