A capital loss

AlisonHarrison

A couple of years ago I sold some shares and made a loss of about £2k.
This year I have made a gain of £3k on some shares.
Obviously I would have no capital gains tax to pay anyway because that is below my annual limit, but do I have to use the loss against the shares, or is my loss still intact, so that if next year I made £15,000 (ha ha some chance!!) could I deduct the £2k from that?
Or have I to use the £2k against the £3k?

nomunnofun

Your loss remains intact.

If you had made gains of, say, £11600 you could have claimed £1000 of the loss (taking you down to £10600 - the annual exemption) and carried the remaining £1000 forward in the same manner.

You have not and have no need to claim the losses.

Has HMRC been informed of the loss though? There are strict time limits!

http://www.hmrc.gov.uk/cgt/intro/losses.htm

holly_hobby

As above, the loss needs to have been reported to HMRC within the determined period, otherwise its unforuntately lost for good and is unavailable under any carry forward exercise.

Hope this helps

Holly