johnaubrey
Joined: 4/8/2024
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CGT and capital loss in the case of a sale with usufruct abroad
hi, I inherited bare-ownership of a flat in Geneva, Switzerland, while the widow has usufruct over the property for the rest of her life. I'm now selling the flat with the usufruct. This means that although the flat is worth 1.6M CHF, I will sell it at 1M CHF max (flat was 1.1M at time of death). I live in the UK, can I use the fact that I am technically selling at a loss (1M instead of 1.6M, or even 1.1M) to offset any capital gains tax in the UK? Is that considered a capital loss? How should I declare this and how will it be taxed. Best regards, John