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Where Taxpayers and Advisers Meet

offset rental income loss against property development gain?

triciajasmine2
Posts:11
Joined:Wed Aug 06, 2008 3:35 pm

Postby triciajasmine2 » Mon Apr 03, 2006 3:38 am

I am throughly confused now - I was convinced that CGT would apply when I sold the property! Can anyone point me in the direction of some professional help please!

gerard_somers@lineon
Posts:26
Joined:Wed Aug 06, 2008 3:11 pm

Postby gerard_somers@lineon » Mon Apr 03, 2006 4:02 am

Capital Gains Tax only applies to gains made on certain investments. You bought to sell at a profit - that's called "trading" and makes you liable to income tax. IF you had (say) inherited the property and then made a gain on sale, you would then have a Capital Gains Tax liability, but you did not.

King_Maker
Posts:6538
Joined:Wed Aug 06, 2008 3:22 pm

Postby King_Maker » Mon Apr 03, 2006 4:14 am

You can use the “Find a Professional” link on the right hand side of your screen to see if there any suitable advisers in your area.


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