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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have a public house. £200000 paid 9 years ago. If I sell

Resolved Question:

I have a public house. £200000 paid 9 years ago. If I sell would get £150000 with any luck, Can I get tax relief on the loss?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

Hi.

 

Is the public house owned by you personally or by a limited company of which you are the director/shareholder?

Customer: replied 3 years ago.

Personal

Expert:  TonyTax replied 3 years ago.

Thanks.

 

Leave this with me while I draft my answer.

Customer: replied 3 years ago.

OK there is a mortgage

Expert:  TonyTax replied 3 years ago.

Hi again.

 

I'm afraid that you can only claim tax relief against your income for a capital loss you have suffered if that loss was from the disposal of shares in your own company or from the disposal of shares you subscribed for in qualifying trading companies (usually private companies) or through several different government approved investment schemes which are listed on page CGN13 here (boxes 12 to 15). All you can do is use the loss against capital gains you make in the same tax year as you incur the loss or in future tax years.

 

In order to register the loss with the tax office, you should set it out in your tax return. If you don't register the loss within four years of the end of the tax year in which it is incurred, you lose the right to use it.

 

I realise that this is not good news. Let me know if you have any further questions.

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