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Is the loss allowable for Capital Gains Tax purposes?

April 26, 2017allowable capital gains loss purposes tax

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Is the loss allowable for Capital Gains Tax purposes?

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If your asset would have been liable to Capital Gains Tax if you’d made a profit when you sold or disposed of it, you should be able to deduct the loss from your gains – and in rare cases from your income – as long as you make a claim to HM Revenue & Customs (HMRC) in time (see the section on how to claim a loss below).