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
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