Capital Loss on disposal HK Property

Hi, I am BNO Visa holder, migrated to the UK in Sep 2022. Due to deterioration in HK property market, I took more than 1.5 years to sell my HK family home, sales completion date will be July 2024, I will suffer a loss of GDP 235,000 (estimated), Please advise if I need to file the self assessment for Capital loss in 2024/2025? When Should I need to file? Which part of CGT form should I fill in and should I provide any documents to HMRC to prove my loss? How can I set off the loss? Might I offset my gain on disposal of share or personal income tax in future? Thanks for assistance.

Hi,

You can see guidance here:

If you make a loss

Thank you.

Hi, Thank you for your reply. Just another question want to reconfirm, the capital loss will be ascertained in Jul 2024, I can carry forward the loss to offset any capital gain within the coming 4 years, latest year end 2028-2029. Am I correct or just upto Jul 2028? Best Regards

Hi,

Losses, must be claimed within 4 years of the end of the tax year. Once claimed, they can potentially be carried forward indefinitely, until the next time you have a capital gain.

Thank you.

Hi, Noted that loss can be carried forward indefinitely, might I know the time bar 1. up to the next time when I first have capital gain? or 2. up to the loss fully offset by all capital gain? Thank you.

Hi,

It will be up to the point the loss is fully utilised.

Thank you.