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Where Taxpayers and Advisers Meet

Sale of 2nd property - can uninsured loss be offset against CGT?

KER
Posts:1
Joined:Wed Aug 06, 2008 3:02 pm

Postby KER » Tue Feb 18, 2003 12:00 am

I am in the process of completing the sale of my second property. My last tenant did a moonlight flit with approximately £2000 worth of furniture etc. As the theft was by the tenant, my insurers will not pay (no forced entry etc etc). Can I at least then off-set this loss against CGT?

Many thanks

Ian McTernan CTA
Posts:1232
Joined:Wed Aug 06, 2008 3:02 pm
Location:Bedford
Contact:

Postby Ian McTernan CTA » Sat Feb 22, 2003 12:00 am

Need more details to determine if there will be a CGT charge at all. Provided there is one, then the loss of the furniture is not claimable- you will have been taking the 10% wear and tear deduction in your rental income calculations and if you haven't been doing so, a backdated claim is possible.

If you wish me to explore this further on a fee paying basis, please contact me.

Regards.

Ian McTernan CTA
email: ian@imcternan.com
McTernan Associates Ltd
Chartered Tax Advisers
Bedford
Email through link on website:
http://www.imcternan.com


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