Tax loss, PAYE Have losses in separate Personal Investment.

A

acewhu

Guest
Based in UK. PAYE Employee.
I gave my savings to invest to a relative who is in the property business.
His Company and him personally have gone bankrupt.

I didn’t get any profit from any investments.
I have nothing under my name.

Looks like I have lost the money.

I also have one investment property under my name where I earn a small rental profit each year.
Is there a way I can use my loss from the
bankruptcy as a loss to my personal PAYE tax as well as against the small rental profit I earn.

[FONT=&quot]Help appreciated.[/FONT]
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Surely this was a capital investment in the business in question? In this case the relevant tax would be Capital Gains Tax and not income tax. The two are separate and don't impinge on each other. If so then you may be able to carry your loss forward (indefinitely) to set against future capital gains. In this case you would not be able to offset it against income tax.
 
I would guess that ClubMan is correct, but I think you should look for advice in the UK where the rules may well be different.

Brendan
 
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