Selling price less than purchase price

If the selling price of my property is less than the purchase price. Then do I need to submit any kind of tax return forms, such as the self-assessment tax return, and/or form SA100 for this transaction? Thank you for your assistance and would appreciate your advice.

Hi
Where the disposal value is lower than the Allowable costs (including purchase price) then a loss arises.  There is no requirement to report any losses.  If you want to carry the loss forward to a future tax year or depending on the type of loss, set it against other income, you need to report the loss in writing, where you do not need to complete a tax return, or in a self assessment tax return.  in either case, you need to provide supportng evidence of the loss.  You have 4 years from the end of the tax year in question to claim for losses.

Do you have the unit/department mailing address for me to send my letter and supporting documents? Thanks a lots!

Hi,
The address to write to is:
Pay As You Earn and Self Assessment,
HM Revenue and Customs,
BX9 1AS
Thank you.