But it is important to realise that there is a significant difference between the taxation of gains and the taxation of rent.
In capital terms, you have made no gain: the property is worth less now than when you bought it. So, as you note, there will be no capital gains tax. As the name implies, it is only gains that can be taxed. It would be adding insult to injury to do anything else. If you have no capital gains this year, or not enough to fully absorb any loss on this property, the residual amount is carried over to next year and beyond until such time as you have set it off against capital gains.
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