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Finances / Finanzen » uk.finance » Re: Property Loss
Re: Property Loss [message #390737] Di, 30 Mai 2006 21:07
Richard Faulkner  
In message <TPSdnfvK9N9nyuHZRVnyqQ [at] eclipse.net.uk>, sks <sks [at] privacy.me>
writes
>I bought a property with a view to development but I've had to sell it at a
>loss of 7K. Can I use that against my income tax bill at all ? Obviously my
>acccountant will sort it out when he does my self assessment but really I'm
>just curious so I can sleep a little better tonight :)
>
>

If you bought with a view to developing and selling, it would be classed
as trading and therefore relate to income tax. If it was with a view to
developing and retaining as an investment, it would be a capital gain
issue. It would be for you to show your intentions at the time of
purchase, as to which way it would be classed.

However, as far as I can tell from the way my accountant deals with my
affairs, the income lost may only be offset against income earned in a
property development business... I may be wrong about this particular
bit.

--
Richard Faulkner
Vorheriges Thema:ICICI Bank http://www.icicibank.co.uk/
Nächstes Thema:My apology to the Scots!
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