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Sam, Accountant
Category: Tax
Satisfied Customers: 14195
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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can a spanish capital loss in 2013/14 be carried forward and

Customer Question

can a spanish capital loss in 2013/14 be carried forward and be offset against a U.K. gain in 2014?15
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

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

Can you clarify whether you are a British citizen, and that any income that might have arisen from this property was declared to HMRC (such as rental income)


Customer: replied 3 years ago.

I am a U.K. resident and domiciled here.


No taxable income has been received from the Spanish property.


Expert:  Sam replied 3 years ago.

Thanks for your response

Then the answer is yes, the foreign loss in 2013/2014 can be offset against any UK capital gain arising in 2014/2015.

Just make sure you have reported the loss to HMRC no later than 31/01/2015 for them to be aware that the loss exists.

Link to clarify the position from the HMRC website. Scroll down to Losses on overseas assets



Expert:  Sam replied 3 years ago.
Do let me know if I can be of any further assistance.