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Bad Investment. Help Martin, anyone!
Rhod
Posts: 22 Forumite
3 years ago I invested £10,000 to go into partership in developing a property in order to rent it out. Lets say it was a beginning of a property developement venture.
Things didn't go as smoothly as first expected and my partner whent through financial difficulty and a failed marriage etc.
This year we tried to salvage the operation and I ploughed another £13,000 into the project. Alas last month the house was reposessed leaving me with a loss of £23,000. I've borrowed £10,000 from my parents and am now well in debt.
Can I offshoot this loss as a business loss against any future tax I may have to pay. Basically is there any way of coming out of this with anything other than a bad investment loss!!!
Things didn't go as smoothly as first expected and my partner whent through financial difficulty and a failed marriage etc.
This year we tried to salvage the operation and I ploughed another £13,000 into the project. Alas last month the house was reposessed leaving me with a loss of £23,000. I've borrowed £10,000 from my parents and am now well in debt.
Can I offshoot this loss as a business loss against any future tax I may have to pay. Basically is there any way of coming out of this with anything other than a bad investment loss!!!
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