I am selling a couple of BTL properties, as many people are, now that there is a quadruple whammy of additional costs/negative changes to the legislation.
Some years ago I purchased another property off plan and paid a 10% deposit. In the end I decided that the investment opportunity was not as beneficial as I had originally calculated and walked away losing the 10% cash deposit.
At the time I was advised to record this as a capital loss on my self-assessment return by a friend.
However, I am now unsure whether this is a true capital loss and would appreciate some guidance.
It seems strange that I have lost £x on an capital acquisition and I can't get any relief for this. I paid £x and it is now worth £0.
If it is not a capital loss is there anyway to get relief for this lost money?
Sorry if I am missing something very obvious here.
Many thanks in advance.