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.
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
I hope this is helpful and answers your question.
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