Can we offset?
We are selling a property which is a buy-to-let property. There is no mortgage. We shall receive about £5,000 less than we paid for it in 2008. Can this loss be offset against either our tax or against a capital gain on other properties?
Arthur Weller replies:
This is a capital loss that can be offset against any capital gain you make in the current tax year, or in future tax years. The loss must be offset at the earliest available opportunity. There is no limit to how many years you can carry forward the loss See the CGT manual here
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