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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 7555
Experience:  FCCA FCMA CGMA ACIS
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I loaned a substantial amount of money to a business of

Customer Question

I loaned a substantial amount of money to a business of which I was then a Director (but not a shareholder). I left as a Director and the business subsequently went in to liquidation. Sorry pressed return! Can I offset any losses against my personal tax liability?
JA: What are the assets or property for this capital loss?
Customer: How do you mean?
JA: Anything else you want the Accountant to know before I connect you?
Customer: no.
Submitted: 17 days ago.
Category: Tax
Expert:  bigduckontax replied 17 days ago.

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

 

Such losses can only be used to offset gains made elsewhere, sorry.

Customer: replied 15 days ago.
Presumably we are talking capital gains , not from trading etc?
Expert:  bigduckontax replied 15 days ago.

Correct.