Property business losses/CGT

[27Spots]

Hi,
Taxpayer has losses arising from single property rental business in the year in which the property was sold. Can the losses be used to reduce the chargeable gain?
A note on "Tax Insider" says yes, but this isn't something I've seen in my more recent studies...could anyone confirm (with ref. to relevant legislation if possible!)?
Thanks
https://www.taxinsider.co.uk/620-What_Can_I_Do_With_Property_Rental_Losses.html

[AdamS93]

No.

The article you are on about was written in 2011 - with a new finance act every year (and sometimes two), its best you use up to date information.

[27Spots]

Thanks...

I know it was from 2011, hence me stating it wasn't something I'd seen in my more recent studies and asking for confirmation! I wouldn't want to assume that something is no longer relevant, just because I can't find more recent evidence that it is...the old assumption makes an ass out of u and me and all that....

When was that particular rule repealed?

[bd6759]

It wasn't repealed. s261D TCGA 1992 is still in force. If you don't have an up to date taxes library, you'll find the text here:

http://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/329

Note that relief only extends to particular post-cessation qualifying events. It does not apply to general losses.