Declaring a capital loss on gifting an overseas property on a self assessment

We have gifted out Spanish apartment to our 2 children as part of IHT planning. The current value is less than we paid. Where does this go on a Self Assessement return ? The capital gains section of Foreign section ? Although not the intention can the capital losses be carried forward and used if any UK captial gains are made in future ?

Hi ,

The disposal should be declared in the capital gains section of the tax return, where you would show the loss that has occured.  You will need to include a copy of your calculation, showing how you arrived at the loss.  You can claim to carry the loss forward and set it against a future gain . THank you .