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Posted Sun, 26 Mar 2023 22:32:26 GMT by Jmshouston
I am a UK resident and registered for self assessment. Have just sold a rental property in Republic of Ireland with no gain. All taxes up to date on rental income in ROI and UK. Do I need to do anything in terms of reporting this sale given there is no gain? Have letter from revenue in Ireland showing no gain and solicitors letter confirming this.
Posted Thu, 30 Mar 2023 11:55:44 GMT by HMRC Admin 25
Hi Jmshouston,

There is no requirement to report losses to HMRC.

Allowable losses that are not used in the tax year in which arise, can be carried foward to be set against any chargeable gains in future tax years.  

The time limit for notifying losses is 4 years from the end of the tax year when the asset was disposed of.

An individual can nofify a loss on their Self Assessemt Tax return, or if they are not required to complete one, they can notify HMRC in writing at:

HM Revenue and Customs BX9 1AS.

Thank you. 


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