Old Geezer

Thank you for the response. Our situation is very similar to that of the taxpayer in Lloyd Webber & another v HMRC (2019) where the FTT found for the taxpayer , albeit the sums involved are much lower. As in LW -HMRC, the assets acquired were contractual rights. The subsequent failure of the builder to deliver and that builders bankruptcy meant that the only way to avoid a loss was to take legal action against the lawyers & insurers and in the event the action failed. So the “ disposal” of the assets ( and the crystallisation of the loss) occurred when the Court ruled against the claim, in February 2023. So there were assets acquired ( contractual rights ) with tangible market value which subsequently were liquidated/ disposed of as a consequence of th3 Spanish courts decision. I note that HMRC has not appealed the FTT decision in the Lloyd Webber case so presumably the logic applied by the FTT should apply in similar cases?

In 2007 I paid the first instalment for a new build beach property in Brazil. Construction was very slow and subsequently ceased entirely with the building company becoming bankrupt in 2015-16. Together with others in the U.K. who found themselves in the same situation, legal action was commenced in the Spanish courts ( the building company’s lawyers and insurers against whom the action was taken were Spanish based ). The Spanish court finally heard the case in February 2023 and did not find in favour of the claimants. Hence I have sustained an irrecoverable loss of approximately £20000, which crystallised in February 2024. Query: Can this loss be set against capital gains in 23-24?

I am selling 4 formerly tenanted residential properties all within a 2 month period but with different completion dates. The first sale has resulted in a loss, the second ( a few days later) taken cumulatively with the first has resulted in a ( temporary ) gain. The third sale in 3 weeks will result in a loss wiping out the earlier gain and the gain arising from the fourth sale a week later will not be sufficient to cover that loss. So overall the 4 property sales will not result in a gain. However the second sale will result in a temporary gain. Notwithstanding the overall loss, should cgt be paid following the second sale, given that the net result of the 4 sales is a loss?

I am selling 4 formerly tenanted BTL properties in this tax year. Two sales will be at a loss and two at a gain. The sequence is: Property 1 Loss Property 2 Gain Property 3 Loss Property 4 Gain The total losses will be greater than the total gains so overall there will no cgt to pay for 23-24 .However when I complete on sale of Property 2 ,I will have made a ( temporary) gain, allowing for loss from sale of Property 1 . However the subsequent completion on sale of Property 3 will incur a loss greater than the gain on the sale of Property 2 and on the subsequent sale of Property 4 so that overall there is no gain and consequently no overall cgt liability for 23-24. The sales are within 2 months of each other. Query: Do I need to submit an online return and pay cgt following sale of Property 2 even though the subsequent sale of Property 3 ( loss) will wipe out any temporary 23-24 gain?