Keith Wridgway

My wife who is British and lives in the UK sold a holiday home in Spain at a loss. Her only source of income is her pension so she doesn’t pay UK income tax. Can she still declare the loss to HMRC and use it against any future gapital gains.

My brother-in-law died and left my wife and her sister his half of the house he owned as tenants in common with his partner. They weren’t married or in a civil partnership. The partner will remain living in the property. Is it true that inheritance tax with regard to property is calculated differently in this situation.

My wife and I are both pensioners, I am a basic rate tax payer my wife isn’t required to pay tax, our only source of income being our government pensions and the rental income from a house that’s in my name alone, I pay tax on the rental income. If I put the rental property in joint names and my wife prefers and I agree that I continue to collect the rent and pay the tax on the income. In this situation as my wife would continue to be a non tax payer would we still need a deed of trust and form 17

In April 2021 I sold a holiday home in Spain jointly owned with my wife, at a loss. I didn’t declare the loss to HMRC as at the time I was unaware that I could offset the loss against future capital gains. I’m in the process of selling a rental property which will incur capital gains. Firstly, am I right that I can offset the capital gains against the loss? If my understanding is correct that I have 4 years to declare the loss, on what HMRC form do I now declare it?

If I make a loss on the sale of a property in Spain, then sell a rental property in the UK for a profit can I offset the loss made in Spain against any capital gains tax from the profit made from the sale of the rental property