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Property income (continued) UK property business losses If the let property income is less than its expenses, then it means a property business loss will arise. When more than one property is let out, it is treated as a single UK property business and profits and losses on all let properties in the tax year will be combined together to give an overall profit and loss. So if you let out 2 or more properties, profits from these properties are added together to give the net profit amount and income tax (as non-savings income) is calculated on this profit. If some of the let properties incur losses, these losses are deducted from profits of other properties. But if after the deduction of all losses and the overall result is still a loss, the property income is then nil and the loss is carried forward and offset against UK property business profit in future tax years. The loss cannot be set against non-property income and cannot be carried back to previous tax years.