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Carrying Capital losses forward
Rhino666
Posts: 571 Forumite
Unfortunately I lost some money on shares and would like to sell them and crystalise the loss. Hopefully at some time in the future I will make enough gains to use up the loss.
I know that these capital losses, once recorded on self assessment, can be carried forward indefinitely but can someone confirm that they are treated separately to the standard capital gains allowance, which is currently £8500. If I make a capital gain of £6000, would that be offset against my £8500 allowance rather than any capital losses I may be carrying forward ?
I know that these capital losses, once recorded on self assessment, can be carried forward indefinitely but can someone confirm that they are treated separately to the standard capital gains allowance, which is currently £8500. If I make a capital gain of £6000, would that be offset against my £8500 allowance rather than any capital losses I may be carrying forward ?
PLEASE DO NOT STEAL
The Government will not tolerate competition
Always judge a man by the way he treats someone who is of no use to him
The Government will not tolerate competition
Always judge a man by the way he treats someone who is of no use to him
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Comments
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As far as I am aware CGT and losses can only be applied within the same tax year. There is also tappering tax relief on some types of investments.
You're best bet is to look at http://www.hmrc.gov.uk/leaflets/cgt1.htm and go to Section 5.
cloud_dogPersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Losses carried forward are applied to any gains above the CGT allowance.0
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