Can I claim CGT loss on failed property investment?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Can I claim CGT loss on failed property investment?

    Back in 2004 I put down a deposit on an Off Plan investment for a holiday apartment in the Caribbean. The project was significantly delayed by hurricane damage and lack of infrastructure investment - and now the developer has gone bust. Although other investors have talked about taking legal action against the developer, it seems extremely unlikely that I will get any of my money back.
    Q? Can I declare my investment as a capital loss on my current Tax Return?

    #2
    How is that loss related to your letting business?
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Suggest you ask the Caribbean Island tax authorities if you can claim tax relief from them. You should get an appropriate response.

      Many have made charitable donations to support Caribbean residents affected by the recent terrible weather: Did you donate, please?
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

      Comment


        #4
        if you have (1) the receipt of deposit money paid to developer company and ( 2) evidence the developer has entered into bankrupcy then you should report a capital loss in your next tax return

        Comment


          #5
          Thanks Gordon. BTW, this is not related to my letting business as it is a personal investment, but I believe I can still use it against future personal capital gains.

          Comment


            #6
            You should be able to set the loss against future capital gains from share investment .

            Comment

            Latest Activity

            Collapse

            Working...
            X