How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17146
Experience:  International tax
Type Your Tax Question Here...
TaxRobin is online now

This regards ***** ***** Tax. I bought a flat in 2008 for

This answer was rated:

This regards ***** ***** Tax. I bought a flat in 2008 for £195,000 and sold it August, 2012 for £163,000. I did not register this loss in my personal tax return for the relevant year. I bought another property at the time of this sale for £135,000 and
am now selling it for £160,000. Can I claim the loss from the first property in 2012 in my Income Tax Return for 2015/16?
HelloWhen you report a loss, the amount is deducted from the gains you made in the same tax year. If you have loss after applying in that specific year then you can carry forward the remaining losses to a future tax year.You can claim up to 4 years after the end of the tax year that you disposed of the asset. Where the loss is made for an earlier tax year, this can be done either by writing to HMRC or by amending the tax return for the year in question.If you choose to write then make certain to include how much the loss is and for what period, and say how you want the relief to be given (such as including on current tax return).
TaxRobin and other Tax Specialists are ready to help you