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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5015
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I sold a property in 2014, which my tax is gain is being

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Hi i sold a property in 2014, which my tax is gain is being sorted now, I am probably looking at about a 70k payment to tax office, however I then bought a property in July of 2014 with an ex partner, we had been unfortunate in that a builder run off with 40k me and my ex split up and I had no choice but to try and finish having to do everything again and being inexperienced I am now running at a loss for this year at around 94k when house sells, it is a second residence, can I claim anything back in tax, as have all reciepts for everything. Irene
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
I need tax advice, not family law advice. Irene
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question..

Each tax year is treated independently.

You can offset losses against gains in the tax year or losses are carried forward to be utilised against future gains.

Please let me know if you need more information.

Many thanks

Customer: replied 1 year ago.
if my loss this year is 90k, yet I have not earned this year, is it possible to retrieve any of this money, in a form of rebate, especially having paid 70k on last property,
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your reply.

If you sold both properties in the same year, then you are able to offset the loss against the gain and any loss left over is carried forward against future gains.

From your scenario it appears the gain was made last year and this resulted in payment of CGT.

Unfortunately, you can't retrieve any of this money as a refund because there is a big loss this year.

More information on how loss relief works can be found here

https://www.gov.uk/capital-gains-tax/losses

http://www.lawpack.co.uk/tax/tax-magazines/articles/article7653.asp

I hope this is helpful and answers your question.

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