I am dealing with an Estate where probate valuation has been agreed for IHT at £220k for a property. Property sold for £220k and sale expenses were £4k, giving a loss of £4k compared to IHT valuation. In the same tax year, after the annual exemption, sale expenses and allowances, a gain was made of £2k in relation to shares. Can the £4k loss be deducted from the £2k gain?
Thank you in advance.