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Loss on rental property in year of sale

Residential Property sold ; capital gain but income loss - any relief ?

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I should know this, so thanks for patience ! My client owned residential property to let and made profits each year. Then decided to sell and in the same tax year made capital gains on the sales and losses on property rental. Is there any way to offset the terminal loss (I was sure there is but cannot find it ).  Thanks.

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By Rammstein1
09th Dec 2019 12:18


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Replying to Rammstein1:
By mikescore
09th Dec 2019 12:29

In case I hit the wrong button - thanks for your swift response.

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By ireallyshouldknowthisbut
09th Dec 2019 14:06

If they have an ongoing rental business it can be rolled on, but if the rental business has ceased, then no.
That's not as daft as it may sound as they may have sold that property, but still be "in the game" and intend buying a new one if they anticipate substantial falls in capital prices. Had a few london landlords bail out 2 years ago and sitting on cash awaiting re-entry. Risky game to play.

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Hallerud at Easter
09th Dec 2019 14:13

Are you happy the costs that give rise to the loss are actually costs of the rental business, could some of them be costs arising after the rental business ceased? (intention to let ceased)

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