Reporting Loss on Sale of 2nd Property

Hello, Upon Completion of sale of my 2nd property within this tax year (2023/2024), I will be making a significant loss. Please advise if I need to report this within the 60 day rule or can I report it with my annual 2023/2024 tax Self Assessment which I will file by end of January 2025? Thank you

Hi,

The 60 day rule only applies to gains arising from the disposal of UK residential property and land. If you are UK resident and you made a loss on the disposal of the property, then you are not required to report the loss.  

If you want to carry those losses over to a future tax year, you will need to declare them, in writing with supporting evidence if you do not need to complete a Self Assessment tax return or in the Self Assessment tax return itself. You can only report losses up to 4 years after the loss is incurred.

Thank you.