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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8964
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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: 7 months ago.
Category: Tax
Expert:  bigduckontax replied 6 months 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 6 months ago.
Presumably we are talking capital gains , not from trading etc?
Expert:  bigduckontax replied 6 months ago.