Quote:
Originally Posted by GeoffC
In my scenario I am assuming that after 2 years, I would sell ... capital gain losses are (as far as I understand it in the UK) not tax deductible, for me as an individual.
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They are, however, offsettable against other capitals gains you may have made in the same year. Eg, if, in the same year that you were so unfortunate as to lose £5m on your Picasso, you were to make £6m profit from sales of assets in your property empire, you'd only pay capital gains tax on £1 (the £6m profit less the £5m loss).