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Selling off property at a loss

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Selling off property at a loss

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Tax Tutor.
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  • July 15, 2020 at 3:31 am #576835
    AverageAndy
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    • Topics: 128
    • Replies: 34
    • ☆☆

    sir a loss incurred in the sale of a property is considered as property loss or capital loss and hence set off against chargeable gains??

    July 15, 2020 at 4:31 pm #576903
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    This is clearly a capital loss as you will have seen in the CGT lectures and notes – the term property loss is meaningless – it could be either the capital loss on the sale of the property or a property income loss where expenses incurred on rental properties exceed property income

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