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Loss on a property
Dom3663
Posts: 79 Forumite
in Cutting tax
Hi all,
I currently have a property that I purchased for 70k in 2010 and this is currently my main residence.
I will be completing on a second property, that will become my main residence, within the next 10 weeks.
I have had great difficulty selling my property from 2010, and as such invisage that the sale will be a quick sale of around £60-64k.
My initial thoughts were to get the property rented out, so I have applied to Nationwide for a consent to let (which they will honor for an increased mortgage interest rate of 1%).
Am I understanding that if I acquire the consent to let, and then sell the property; I will be able to place this loss against my earnings?
Thanks for any help
I currently have a property that I purchased for 70k in 2010 and this is currently my main residence.
I will be completing on a second property, that will become my main residence, within the next 10 weeks.
I have had great difficulty selling my property from 2010, and as such invisage that the sale will be a quick sale of around £60-64k.
My initial thoughts were to get the property rented out, so I have applied to Nationwide for a consent to let (which they will honor for an increased mortgage interest rate of 1%).
Am I understanding that if I acquire the consent to let, and then sell the property; I will be able to place this loss against my earnings?
Thanks for any help
0
Comments
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No, you are not understanding it. There are very few occasions when capital losses can be set against income. This is not one of them.0
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No, even if you did actually rent it out for a while, you still wouldn't be able to set a capital loss against income.0
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