Foreign Property Capital Loss

Diamondbubbles_1000

We are UK residents and during this tax year will sell a Spanish property at a loss. We will also sell a UK property at a gain.

Can the loss offset the gain for capital gains tax purposes?

Many thanks.

Keep_pedalling

Yes you can.

Diamondbubbles_1000

Thank you so much for your quick response. I wasn't sure if you can mix UK properties with foreign, so your answer is very helpful.

Cook_County

Why do you believe there is a loss on the Spanish property? Given the collapse in the Pound, this is pretty unusual these days...

Diamondbubbles_1000

I am sorry to say there is a loss. I have done all my calculations in sterling at the rates appropriate to the relevant time. We bought at the very top of the market and now face selling to locals.

agrinnall

Cook_County wrote: »

Why do you believe there is a loss on the Spanish property? Given the collapse in the Pound, this is pretty unusual these days...

I don't think the collapse in the pound bears any comparison to the collapse in some parts of the Spanish property market.

Diamondbubbles_1000

Thank you - you put it better than I did!