Capital losses carried forward on Spanish property?

by Readers Question

8:51 AM, 26th September 2016
About 2 years ago

Capital losses carried forward on Spanish property?

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Capital losses carried forward on Spanish property?

I’ve recently sold my holiday home in Spain and realised a loss of about £100,000. If I sold one of my let properties in the UK, is it possible to off set the loss against the gain? cgt

If yes, must the loss and gain be in same tax year? Or can the loss from Spain be carried forward to another year when I sell a UK let property?

Any comments this would be much appreciated.

Karuna



Comments

Neil Patterson

8:57 AM, 26th September 2016
About 2 years ago

Hi Karuna,

I am definitely not a tax expert or qualified advisor and you should only act upon the advice of someone who is.

However my understanding is that if correctly documented with HMRC you can carry forward the loss on property abroad.

But please also see the .Gov HMRC page >> https://www.gov.uk/capital-gains-tax/losses

Michael Barnes

19:04 PM, 26th September 2016
About 2 years ago

Call HMRC and ask to speak to a Tax Inspector.

Mark Alexander

12:06 PM, 27th September 2016
About 2 years ago

I was allowed to utilise and carry forward capital losses to the UK from an investment property deal I did in Florida.

I don't know how it works in Spain but I can't imagine why it would be any different.
.


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