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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own a property in Spain thro a UK limited company. I have

Resolved Question:

I own a property in Spain thro a UK limited company.
I have considerable CGT losses in thr UK I am carrying foward.
If I die before my wife and she inherits my propery can she offset any gain in value when she sells against my Capital Gains Tax losses.
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

I'm afraid that when an individual dies, their accrued capital losses die with them. The exception to that is where losses are incurred in the year of death. If they cannot be used against gains made in the same tax year, they can be carried back up to three years. Take a look here for more information. Realised capital losses cannot be passed or left to a spouse.

I hope this helps but let me know if you have any further questions.
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