Yes, relief is available in this way, but you must first offset the trading losses against your total income for the tax year, and any excess can be extended and set against your chargeable capital gains for the tax year.
If you do not have any other income in the tax year this will result in a relief of £20,000 being claimed against the capital gain on your property of £50,000, leaving a chargeable gain before other reliefs and annual exemption of £30,000.
This will result in a significant fall in your Capital Gains Tax liability and your local TaxAssist Accountant can advise how to make the claim.
By Jo Nockels
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.