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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Please would you advise me if I can claim on house

Resolved Question:

Please would you advise me if I can claim for loss on house bought in Oct2013 for £135k plus legal expenses and let and then sold in Feb 2015 for £125k minus legal costs, I did not claim any capital allowances.
Thank you
Sheila Savill
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

Can you tell me if the house was ever your main home please, ie did you live in it at any point or was it always let or vacant?
Customer: replied 1 year ago.

The house was never my h ome. I bought it to let; butr found agents and tenants a nightmare, so sold it.

Expert:  TonyTax replied 1 year ago.
Thanks.

You will be able to claim the loss but you will only be able to use it against gains you make in the same tax year or gains in excess of the annual Capital Gains Tax exemption in later tax years.

If you already complete self-assessment tax returns, then you should include the loss in your tax return for the tax year in which you sell the house. If you don't, you should send a calculation of the loss to the tax office to register it with them within four years of the end of the tax year, during which you sold it, ie by 5 April 2019.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
TonyTax and 2 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

Thank you.

Expert:  TonyTax replied 1 year ago.
Thanks.

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