Rental losses can only be carried forward and set against future rental profits. So, if you have no other rental income you will not be able to offset these losses I am afraid.
In addition, any loss on the disposal of the property would be a capital loss and cannot be set against other income. It can only be set against future capital gains.
We provide tax advice across the country, get in touch with us to discuss your options.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.