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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15942
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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can you offset unfurnished property trading losses against

Resolved Question:

can you offset unfurnished property trading losses against a capital gain on selling a property?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

What do you mean by property trading losses? Do you mean losses which are an incurred due to an excess of letting expenses over rental income?
Customer: replied 3 years ago.

yes

Expert:  TonyTax replied 3 years ago.

Thanks.

I'm afraid that you cannot offset losses of the type you have incurred against the capital gain you make when you sell the property. Such losses can only be offset against other rental income. Take a look here for information of how rental losses can be used.

I'm sorry this is probably not the answer you wanted. Let me know if you have any further questions.

TonyTax and 3 other Tax Specialists are ready to help you
Customer: replied 3 years ago.


Just as I thought, but thanks for the confirmation

Expert:  TonyTax replied 3 years ago.
Thanks.