Hi
A general loss relief query please - could a loss on a property investment (yet to be realised) be relieved against the gain on the sale of a quarry?
The details:
Property investment relates to the purchase of a share (substantial investment) in a development company as part of a consortium to develop a large site. This share is now worthless but the company is still in existence- I understand that the loss can by crystallised in one of two ways:
1. share is sold
2. the local inspector of taxes can make a determination, on application, that the share value is negligible.
In the event of 2 above happening, could the (crystallised) loss be then used (without restriction) against a gain on the sale of other assets - possible against (a) the sale of a company or (b) against the sale of a quarry? Note the quarry is a trading quarry (are there any issues re "development land" loss restrictions with a quarry)?
Thanks in advance
Recital
A general loss relief query please - could a loss on a property investment (yet to be realised) be relieved against the gain on the sale of a quarry?
The details:
Property investment relates to the purchase of a share (substantial investment) in a development company as part of a consortium to develop a large site. This share is now worthless but the company is still in existence- I understand that the loss can by crystallised in one of two ways:
1. share is sold
2. the local inspector of taxes can make a determination, on application, that the share value is negligible.
In the event of 2 above happening, could the (crystallised) loss be then used (without restriction) against a gain on the sale of other assets - possible against (a) the sale of a company or (b) against the sale of a quarry? Note the quarry is a trading quarry (are there any issues re "development land" loss restrictions with a quarry)?
Thanks in advance
Recital