Capital losses carried forward on Spanish property?
8:51 AM, 26th September 2016, 10 years ago
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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?
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
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Member Since February 2011 - Comments: 3453 - Articles: 286
8:57 AM, 26th September 2016, About 10 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
Member Since July 2013 - Comments: 1434
7:04 PM, 26th September 2016, About 10 years ago
Call HMRC and ask to speak to a Tax Inspector.
Member Since January 2011 - Comments: 12207 - Articles: 1403
12:06 PM, 27th September 2016, About 10 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.
.