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Posted Fri, 27 Oct 2023 13:53:52 GMT by Old Geezer
I am selling 4 formerly tenanted residential properties all within a 2 month period but with different completion dates. The first sale has resulted in a loss, the second ( a few days later) taken cumulatively with the first has resulted in a ( temporary ) gain. The third sale in 3 weeks will result in a loss wiping out the earlier gain and the gain arising from the fourth sale a week later will not be sufficient to cover that loss. So overall the 4 property sales will not result in a gain. However the second sale will result in a temporary gain. Notwithstanding the overall loss, should cgt be paid following the second sale, given that the net result of the 4 sales is a loss?
Posted Tue, 31 Oct 2023 16:02:26 GMT by HMRC Admin 10 Response
Hi
As there is no requirement to declare losses to HMRC, the only way to declare losses is either by completing a self assessment tax return and declaring the losses there or in writing to HMRC.
The online PPDCGT service is only used to report gains.
The disposal of your first property generate a loss.  Keep a note of the loss and add it in to the PPDCGT report for the gain on the second disposal. After the disposal of the 4th property, resulting in a gain, you can log into your capital gains account and submit a gain for property 4 minus the loss for property 3.  
In your self assessment tax return, you would complete the section for capital gains on residential property, with summary details of all 4 properties. The disposal proceeds, the allowable costs (including purchase price), the gains in the year before losses and the losses in the year.  
You would also declare the total gains reported on PPDCGT return and the tax paid.  
Calculations of each individual disposal can be submitted as supplementary evidence.

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