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CGT loss created on gift
Posted by Anonymous on Thu, 02/07/2009 - 17:26
If a property is gifted at a loss to a connected individual, (father-Son) can that loss only be relieved against future gains to that person? I believe I read this somewhere recently in a "make the best of the credit crunch" article, however now I need the information I cannot find it!!!!!
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Yes
The loss can only be relieved by deduction from a gain to the same connected person -see TCGA s18(3).
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