Hello. Some advice would be appreciated on the below scenario.
I am a UK non-resident with a residential BTL property in Guernsey which is now on the market. Unfortunately the property will sell at a loss. To date, the property income has been included on Guernsey tax returns only due to being a UK non-resident. I have not other investments or holdings in Guernsey.
However, I am returning to the UK in April at which point I become a UK resident again. 2 possible scenarios - is one more efficient than the other?
1. I sell the property as a non-resident, and declare the loss on my Guernsey tax return only. No CGT.
2. If I sell the property at a loss once I am a UK resident, can the loss be offset against capital gains from UK property should it arise in the next few years? Or should the property loss not be included on my UK self-assessment for 2017/18 at all as there will be no gain to report and I can't offset the overseas loss?
Thanks
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