set off capital gains losses against CGT

moneyloony

how far back can investment losses be set off against CGT?. for example, can a share or investment fund bought in 1997 that went bust be set off against any CGT for profitable investments sold this year? is there a time limit?

knowledge of the rules and or recent examples will be welcome.

Thanks

Moneyloony:question:

fengirl_2

N o time limit, there never has been.

moneyloony

Thanks for this

for my benefit to be really really sure, a £3k investment in a dot com firm in 2001 that went bust in 2002 can be offset against any CGT that i capitalize this year in addition to the taxman's CGT allowance.

Thanks

moneyloony

jimmo

fengirl wrote: »

N o time limit, there never has been.

I hate to disagree but that is not necessarily the case.
If you had a loss in 2001/02 then it should have been declared in your 2001/02 Return.
If it was, all well and good, the loss can be carried forward indefinitely until it is needed.
If, however, the loss was not declared in a 2001/02 Return, then you had the normal time limit to make a free standing claim ( 5years after the 31 January following the year of the loss) which was 31 January 2008.
If you have not claimed the loss it is too late now.
http://www.hmrc.gov.uk/manuals/cg1manual/cg15813.htmhttp://www.hmrc.gov.uk/manuals/cg1manual/cg15813.htmhttp://www.hmrc.gov.uk/manuals/cg1manual/cg15813.htm