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  • FIRST POST
    • mark7144
    • By mark7144 5th Oct 17, 4:11 PM
    • 91Posts
    • 14Thanks
    mark7144
    Claiming CGT loss, self-assessment question
    • #1
    • 5th Oct 17, 4:11 PM
    Claiming CGT loss, self-assessment question 5th Oct 17 at 4:11 PM
    I sold shares earlier this year at a loss of around £20,000. I would like to declare the loss to HRMC for tax relief. I have a couple of questions:

    1) On the page where I enter the loss from the share disposal, which code should I choose for the following question:

    "If you are making any claims or elections, select the relevant code:
    [GHO, NVC, ROR, MUL, OTH]
    I'm currently choosing OTH (Other Claim) as I'm not sure.

    2) Can I use this declared loss against my PAYE income and thus get a sizable tax refund? Or does this only work against future CGT gains?

    Hope you can help, thanks.
Page 1
    • Keep pedalling
    • By Keep pedalling 5th Oct 17, 4:54 PM
    • 4,074 Posts
    • 4,436 Thanks
    Keep pedalling
    • #2
    • 5th Oct 17, 4:54 PM
    • #2
    • 5th Oct 17, 4:54 PM
    Your losses can only be claimed against capital gains. If you have not had any gains to claim it against you can simply write to HMRC to register the losses to be used against future gains.

    https://www.gov.uk/capital-gains-tax/losses
    • mark7144
    • By mark7144 5th Oct 17, 7:16 PM
    • 91 Posts
    • 14 Thanks
    mark7144
    • #3
    • 5th Oct 17, 7:16 PM
    • #3
    • 5th Oct 17, 7:16 PM
    Thanks but I'm actually doing self-assessment anyway which is why I'm asking for help in this respect. I'm not allowed to report it by writing to them.

    Any help on identifying the correct code to use would be greatly appreciated.
    Last edited by mark7144; 05-10-2017 at 8:16 PM.
    • 00ec25
    • By 00ec25 5th Oct 17, 9:20 PM
    • 5,560 Posts
    • 4,955 Thanks
    00ec25
    • #4
    • 5th Oct 17, 9:20 PM
    • #4
    • 5th Oct 17, 9:20 PM
    1. Have you read the notes that go with the return? The codes are explained therein:
    GOH - gift holdover relief - irrelevant you sold the shares, you did not gift them
    NVC - negligible value claim - if you had one of those you would know about it
    ROR - roll over relief - irrelevant applies to specific assets
    MUL - more than one code applies - it doesn't!
    OTH - none of the above so, by a process of elimination, ...

    2. if the shares sold were those in a "qualifying trading company" you would presumably already know that as it is a relatively specialist field. If they were not then you cannot offset capital losses against income tax.
    • mark7144
    • By mark7144 5th Oct 17, 9:24 PM
    • 91 Posts
    • 14 Thanks
    mark7144
    • #5
    • 5th Oct 17, 9:24 PM
    • #5
    • 5th Oct 17, 9:24 PM
    Thanks. I knew what the abbreviations were but I still didn't feel confident about it.

    You are right that OTH is the correct one to use. I just spoke to HRMC about this as you posted. Thank you.
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