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Posted Tue, 23 Jan 2024 00:20:57 GMT by
Hello, I have a capital gains loss to report on self assessment. It is for a flat sale where Private Residential Relief partly applies. Essentially the example from CG64977, but with an overall loss. I understand that the allowable loss excludes the part where PRR would have applied had there been a gain. I tried using the computation worksheet, but it only seems to allow applying relief to a gain, rather than reducing a loss. What is the correct place to record such a loss on self assessment? Many thanks.
Posted Thu, 25 Jan 2024 15:49:33 GMT by HMRC Admin 25
Hi Chris,
There is a capital gains calculator here:
Tax when you sell property
If the disposal value is less than the allowable costs results in a negative figure, then there is a loss.
Private Residence Relief is not required.
Where the opposite occurs and their is a gain, then Private Residence Relief is deducted from the gain, to a point where there a reduced gain or no more gain.
Private Residence Relief cannot reduce the gain to result in a loss.
It can only ever reduce the gain to £0.00.
Have a look at the guidance on private residence relief.
Thank you. 


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