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OffsetFor CGTrental property
advocate70
Posts: 7 Forumite
in Cutting tax
Are you allowed to offset capital gains on rented property this year against loss on Caravan holiday let that was sold incurring a loss.2/yearago
0
Comments
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No. The loss incurred two years ago is carried forward. The loss that you have now incurred on the sale of your rented property can be set against other gains of the same year or added to that loss brought forward to create a larger loss carried forward.1
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I think OP means there is a capital gain on the property, not a loss. Any capital loss brought forward that is claimed within four years may be deducted from a current capital gain, but was there actually a capital loss on the caravan holiday let? Was it a depreciating asset? Were capital allowances claimed?[Deleted User] said:No. The loss incurred two years ago is carried forward. The loss that you have now incurred on the sale of your rented property can be set against other gains of the same year or added to that loss brought forward to create a larger loss carried forward.1 -
Of course he does - I did misread it!Jeremy535897 said:
I think OP means there is a capital gain on the property, not a loss. Any capital loss brought forward that is claimed within four years may be deducted from a current capital gain, but was there actually a capital loss on the caravan holiday let? Was it a depreciating asset? Were capital allowances claimed?[Deleted User] said:No. The loss incurred two years ago is carried forward. The loss that you have now incurred on the sale of your rented property can be set against other gains of the same year or added to that loss brought forward to create a larger loss carried forward.1 -
Cheers advice much appreciated0
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The two questions I raised may affect whether you have a capital loss from the caravan holiday let. See https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg76721advocate70 said:Cheers advice much appreciated0
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