Capital Loss offset
I have a client who has lost a substantial amount of money in a Florida property deal. £75K put in, after much legal work and a landmark case, £22K was recovered leaving a loss of £53K. (He no longer owns the property).
The intention was to resell the property in one year, i.e trade it, so there is a question mark over whether this was a trading loss or a capital loss. Any clues?
He also has a UK property portfolio, a property in spain making a rental loss and is also a self employed person.
What are the provisions if any for offsetting this against his trade income? And would it matter whether this loss was classed as capital loss or trading loss?
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