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Loss caused by mutual fund. Can I count it against my income to reduce tax?
QQQ
Posts: 392 Forumite
in Cutting tax
I am a permanent employee. Few years before I bought mutual fund shares. Last year I had to sell them with loss. Can I deduct this loss from my income as employee to reduce the income tax?
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Comments
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I'm afraid not, only against current and future capital gains.0
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Same reply - no, you can't do that.
Your income as an employee is taxed under Income Tax. Your trading losses / gains are Capital Gains Tax ...... and you can only normally offset CGT losses against CGT gains.If you want to test the depth of the water .........don't use both feet !0
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