Sold Property and made a loss - Self Assessment

Landlord Discussion Property Investment
1

Hi,
One of my friends bought a property in 2008 and sold it in 2021. He bought it for around 90K and sold for 70K and made a loss of 20K.
Can someone please let me know what steps he needs to do in terms of tax return on a property sold and made a loss?
Thanks

2

You dont need to report losses but normally best to on tax return if chance of ofsetting against other capital gains. They would have 4 years to claim the loss.

Was the £70k market value. If it was sold at below market value to connected person they need to pay tax based on market value, not what they sold it for.