undeferring capital gains

zoomberry

Hi, in 2007-08 I got lucky and made a capital gain above allowance. I made an EIS investment in that year and deferred part of my capital gains. 2008-2009 year I have no capital gains. Is there any way I can offset some of my deferred gains against my allowance, or do I have to wait until I sell my EIS shares (at which time capital gains tax will probably have risen to 50% ?) to release my deferred capital gains?

Thanks v much for any insights.

Murdina

In a word, no. You have not done anything in 2008/9 which gives rise to a capital gain. Maybe if we were still in that year you might have been able to do something but it is too late now.

It is always a risk with any tax deferral scheme that the rate may go up as well as stay the same/go down!

zoomberry

Thanks Murdina, I guess that even in 2009/2010, unless I sell my EIS shares I can't do anything to release my deferral to use up against my allowance. oh well I'll just have to count on my EIS shares making huge CGT...