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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13884
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I have one year 12/13 where I made a questionable profit in

Customer Question

I have one year 12/13 where I made a questionable profit in my partnership with my mother of 50k My question is the business which we bought for 1.2 million in 2007 sold for 300000 in 2014 and was depreciating in value since 2007. The property had a mortgage on it for the 1.2million which the partnership still owes. I had a 50/50 of the profit. Is this a capital loss that will impact on that profit made in 2012/13 ?
Submitted: 11 months ago.
Category: Tax
Customer: replied 11 months 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.
Customer: replied 11 months ago.
No need please email instead !
Expert:  Sam replied 11 months ago.

HI

Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.

No it will not as capital losses can only be offset against a capital gain rather than trading gains - so this loss will not affect your share of the profits for 2012/2013 I am sorry to say.

Let me know if I can assist further

Thanks

Sam

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