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Posted Fri, 09 Dec 2022 11:23:15 GMT by Paulson
Hi, A friend of mine bought a property more than 10 years ago and sold it in the last tax year for a nearly 20K less than the purchase price due to difficulties in managing the property. Can anyone please let us know how he can declare this loss in the Self-Assessment? Thanks
Posted Wed, 14 Dec 2022 14:30:43 GMT by HMRC Admin 19

Losses arising from the disposal of a UK residential property can be declared in the Self Assessment tax return, SA100, on supplementary page SA108, for the tax year the loss arises.  
This loss can then be carried forwand and set against future capital gains.  

Alternatively, where a tax return is not required, an individual can report the loss in a letter addressed to H M Revenue and Customs, BX9 1AS.

Thank you.

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