Tax
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Hi
Thanks for your question - I am Sam and I am one o the UK tax experts here on Just Answer
Yes the loss of your BLT can be used to offset against your share of the commercial sale gain as long as its in your actual name (and the other two owners) and not a limited company - can you clarify this is the case
Thanks
Sam
You would pay residential capital gains within 60 days of the sale (as you have to report it within that time frame) but as its a loss no tax to pay then you declare both on the year end 2023 self assessment and ask for the loss to be offset against the commercial gain which is payable no later than 31/01/2024 if you file online or 31/10/2022 if filing a paper return
Not really as id need all the details of date of purchase and value and any improvements and costs to buy so really needs to be a a telephone call due to the lengthy time it takes to type it all out and the fact its over and above what your original question asked
Let me know if you wish me to send an additional services request (either writing or telephone so indicate which please) OR you can ask for a telephone box from the pop up box that should appear but note note incur an additional charge
Sure then you have the calculations to show for the call too - just message back to this ongoing thread when you have all the figures and we can then arrange a phone call at a mutually convenient time but I will swnd you the additional service request now abd then follow it up with my contact details
Note the charges here are allowable business deduction sof your gain