Sold flat - self assessment query

[sawman]

We are just about concluding the sale of a flat, that we have owned for 13 years, this has been rented out. We haven't had a mortgage on it for the last 10 years. Do I need to declare the sale on my self assessment next time around? the flat has sold for 20k less than its original purchase price, so I guess capital gains tax will not apply, and the cash liberated will allow us to buy a family home.

Can the loss in value of the flat be offset against any rental income this year?

Any advice gratefully received

[sawman]

Thanks for the input chaps, just to clarify the flat will be sold for 20k leas that original purchase price in 2003. It was one of the earlier phases of ipswich dock development, there is now a massive oversupply, depressing prices. We bought it to keep a foothold in the uk market whilst abroad, fortunatley it has rented out well so we are up on the overall deal

[sawman]

Thanks eric, would estate agent fees due to the sale be an allowable expense in connection with the 6 months of rental income for the current tax year?

Edited by sawman on Thursday 22 September 12:05

[sawman]

Thanks Eric, thats what i had assumed initially , thanks for confirming

[sawman]

Eric Mc said:

I have asked a couple of times, was the property jointly owned?

Ah yes forgot to mention, my wife and i own it jointly, so as you say we will each reflect the sale on self assessment (half each - both chunks will be over the 44k)

Edited by sawman on Thursday 22 September 13:27

[sawman]

Yes, thats correct