CGT on 2 transactions, a property loss + a gain ?

R

rabbit

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If someone sells two assets or bits of property in a tax year, makes a loss on one and a gain on the other, can the results be combined so he does not pay full capital gains tax on the more successful transaction ?
 
Many thanks for the quick reply. I am a bit surprised and confused about the "future years bit". Does that mean that someone who has say 50,000 capital gains tax to pay on a profitable disposal of an asset in 2007, and who pays it in Autumn 2007, and who sells an asset at a large loss in 2008, may claim back some of the cgt paid in 2007 ?
Sorry if I do not explain it clearly and thanks for your patience.
 
rabbit said:
Many thanks for the quick reply. I am a bit surprised and confused about the "future years bit". Does that mean that someone who has say 50,000 capital gains tax to pay on a profitable disposal of an asset in 2007, and who pays it in Autumn 2007, and who sells an asset at a large loss in 2008, may claim back some of the cgt paid in 2007 ?
Sorry if I do not explain it clearly and thanks for your patience.
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Losses in 2007 may be set against gains in 2008. Losses in 2008 may not be set back against gains in 2007, they may only be carried forward to future gains in , say 2009. ( Section 547 Taxes Consolidation Act 1997 )

There is a restriction in development land cases, you cant set off non-development land losses against development land gains, only development land losses. However development land losses may be set against any other gains. ( Section 651 TCA 1997 )
 
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