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23 June 2020
Must a capital gains tax return be made if a loss arises?
My client is in the Royal Air Force and has lived in RAF accommodation for about 15 years. He bought a couple of buy-to-let apartments as investments. The first flat was sold at a substantial loss and completion was on 15 April 2020. I imagine that the exchange of contracts could have been before 6 April. My first question is whether he needs to file the new capital gains tax return and for future reference is it necessary to file such a return if there is a loss?
My client is now planning to buy a house as a home for himself and his fiancé for about £450 000 and he will sell the second flat for about £250 000. Since he is buying a second property – he expects the house purchase to take place before the sale of the flat...
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