Since 1927 the leading authority on tax law, practice and administration

Nursing a loss

© Copyright LexisNexis 2024. All rights reserved.

28 July 2009

Issue: 4216 / Categories: Forum & Feedback , Capital Gains , Losses , Only or main residence

Can the loss that has accrued on a flat used as a main residence be crystalised so that it can be set against any future gains?

I was interested in Rufus’s final comment in The dog house column last week. A year or so ago my son bought a flat in the north of England.

I would estimate that he is now nursing a loss in the region of £50 000.

This is not an immediate problem as he has (he hopes) a secure job and has no problem paying the mortgage.

Every weekend he comes home – but why does he bring his dirty washing with him?

He has his own room here and spends the weekend seeing his friends and girlfriend.

She also has a good job and they appear to have a wonderful and prosperous future in front of them.

They are (the flat purchase aside) financially responsible and have both started making investments in the stock market etc.

They plan to get married in a year or two.

I was...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

Nursing a loss

© Copyright LexisNexis 2024. All rights reserved.

28 July 2009

Can the loss that has accrued on a flat used as a main residence be crystalised so that it can be set against any future gains?

I was interested in Rufus’s final comment in The dog house column last week. A year or so ago my son bought a flat in the north of England.

I would estimate that he is now nursing a loss in the region of £50 000.

This is not an immediate problem as he has (he hopes) a secure job and has no problem paying the mortgage.

Every weekend he comes home – but why does he bring his dirty washing with him?

He has his own room here and spends the weekend seeing his friends and girlfriend.

She also has a good job and they appear to have a wonderful and prosperous future in front of them.

They are (the flat purchase aside) financially responsible and have both started making investments in the stock market etc.

They plan to get married in a year or two.

I was...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

Issue:

4216

Categories: Forum & Feedback [1] , Capital Gains [2] , Losses [3] , Only or main residence [4]

SourceURL:

Links:

RELATED ARTICLES

The dog house

READERS' FORUM premium icon

Tax tip: Work from home allowance Readers’ forum: Is there an alternative to using time apportionment? Readers’ forum: Tax liability on paying out distribution to members Readers’ forum: Should taxpayers submit form VAT652? Readers’ forum: Does option to tax on land also apply to buildings?

FIVE WAYS TO MAKE ACCOUNTS PRODUCTION AND TAX EASIER.
Download the exclusive Xero
free report here.

New queries

Please email any questions you might have
to: taxation@lexisnexis.co.uk.

NEWS

In brief: 25 July 2024 Movers and shakers: 25 July 2024 Agent update 121 available New power for the Office for Budget Responsibility Pressing tax issues need prioritising, says CIOT

Third slide

Deadline dates for August 2024

CASES

Rental income disclosure was unprompted Ignorance of the law is an excuse Clear winner but costs reduced for other factors Company was not resident in the US for treaty purposes Collagen-based drink was a beauty product

MOST POPULAR

Rental income disclosure was unprompted Ignorance of the law is an excuse Clear winner but costs reduced for other factors Company was not resident in the US for treaty purposes Collagen-based drink was a beauty product

back to top icon