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Self Assessment Question
bobbin_around
Posts: 28
Forumite
in Cutting tax
Please can someone advise on the section of the short tax return headed 'UK Property'. I purchased a plot of land during the tax year 08/09 although no income has been received on the land its capital value has decreased. Would you advise declaring this therefore indicating a capital loss (on paper) has been made.
many thanks
many thanks
0
Comments
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No, there is no such thing as a capital loss on paper for tax purposes. You would only make an entry if you had actually sold the land and made a real loss.£705,000 raised by client groups in the past 18 mths :beer:0
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Many thanks0
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