Capital Losses Claim on Overseas property Sale?Make Text Bigger
My wife and I own an apartment at Punta Prima on the Costa Blanca, Spain. We have decided to sell this in order to fund some updating of a cottage we are buying at Mijas La Nueva on the Costa Blanca. We will have to sell at a loss compared with the price we paid when buying off plan some 10 years ago.
When completing our tax returns for HMRC we have always included the rental income from the Spanish apartment, and of course running costs. This is as well as declaring the figures to the Spanish tax authorities. When we sell the Spanish apartment, will we be able to claim in UK, the capital loss, against any capital gains we will be making from the sale of another apartment in the UK?
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