Capital gain and loss

[Kosher]

I have a client with a Capital loss from 2011/12 of £26k. His wife will soon be making a gain of £53k in the next few weeks. His wife held shares in a private company but the payout will not happen till the company's corporation tax, on their gains, as been agreed and the company is liquidated.

Is there anything he can do to utilise his loss?

[Kosher]

I have now been in touch with the accountant's, finalising these accounts, asking them if it is possible to split the shareholding so my client can utilise his capital loss brought forward. This will save my client's wife nearly £9,000 in CGT.

[Kosher]

Too late to split the shares due to the extra expense of liquidators, accountants and non family tax advice. But now got an offer on the table for our letting flats which is much less that the estate agent's valuation. Due to a downturn market, caused by Rachel Reeves and company, it looks like we will have to accept the offer or we will not be able to move. It will drop the valuation price £45,000 to £280,000, so my capital loss will not get used.

[Kosher]

Too late to split the shares due to the extra expense of liquidators, accountants and non family tax advice. But now got an offer on the table for our letting flats which is much less that the estate agent's valuation. Due to a downturn market, caused by Rachel Reeves and company, it looks like we will have to accept the offer or we will not be able to move. It will drop the valuation price £45,000 to £280,000, so my capital loss will not get used.

[someone]

Is there some reason you've not considered just assigning the beneficial interest in the shares? Surely the only complication is that it will be a notifiable trust but in this case that must be a plus, make the assignment and notify the bare trust to the TRS. Then if there's any pushback from HMRC all the paperwork is in place and there's no question about what happened.

[Kosher]

There will be a 75% payout in next couple of weeks. The liquidators have done all their work now, so to late to do anything. The unfortunate thing is all correspondence as been by email and some of the mail has gone missing. My wife now looking at a CGT bill of less than £1,000 and I might be able still to use up some of my CG loss. So we are looking in a much better situation.

[Kosher]

Our property was split into three separate title deeds in January of this year. My wife now own the titles to our two letting flats and has been receiving the rental income over the last three tax years. The ground floor flat, in which we live and I run my accountancy business, is in my name. The first 7 years of ownership we just had a lounge and bedroom, the other 3 rooms were used for the B & B business and the converted garage was used as my office. In the last 9 years we have had just a bedroom and lounge to live in, the partly converted garage and our old bedroom was used as my business office and we had a spare letting room and small dining room for B & B guests.

In 2016 it cost us, mainly my wife, nearly £60,000 to convert 4 B & B guest rooms into 2 luxury flats. No improvements have been done, other that the partial garage conversion and a porch added to our entrance door, so the cost is not much more that what it was when we bought it in 2009. The freehold ground floor flat and the two leasehold letting flats are for sale at similar values. The ground floor flat is for sale for £145,000 and the two upstairs flats for £72,500 and £90,000. We have just received a possible offer for £290,000 which will be split £140,000, £65,000 and £75,000. The outcome of this will mean I can use up most of my £31,000 Capital losses and my wife will have a Capital loss to set against her net gain of £66,500, on her shares less loss on 2 properties.

Can anyone see anything wrong with all this?