Offset a Capital Gains Loss last year against this years Income?

moneychristy

Offset a Capital Gains Loss last year against this years Income?
FYI : I am self employed and this is while doing my tax return as self employed.

Hi All,
Last tax year I sold a rental flat and made a loss of about 5k.
I filled in the form SA108 so under the box 10 "Losses available to be carried forward to later years" I put 5k.

This year filling in my self assessment I will be taxed can I offset the losses against self employed income or trust tax.

Many thanks for any advice.:beer:

.

Cardinal-Red

Hi, am not an expert on this field, but I believe only certain types of losses can be offset against income in this way, and property losses are not one of them.

purdyoaten

moneychristy wrote: »

Offset a Capital Gains Loss last year against this years Income?
FYI : I am self employed and this is while doing my tax return as self employed.

Hi All,
Last tax year I sold a rental flat and made a loss of about 5k.
I filled in the form SA108 so under the box 10 "Losses available to be carried forward to later years" I put 5k.

This year filling in my self assessment I will be taxed can I offset the losses against self employed income or trust tax.

Many thanks for any advice.:beer:

.

The short answer is 'No!' Capital gains losses, unless in unquoted shares and some EIS scheme occurrences, can only be set against other Capital Gains, either by set off against gains in the same year or carried forward against future gains.

Conversely, trading losses CAN be set against Capital Gains but that is hardly any consolation to you.

moneychristy

many thanks.

Cardinal-Red

purdyoaten wrote: »

The short answer is 'No!' Capital gains losses can only be set against other Capital Gains, either by set off against gains in the same year or carried forward against future gains.

Conversely, trading losses CAN be set against Capital Gains but that is hardly any consolation to you.

Just for my own understanding, can you clarify this bit here?

Don't think it's relevant to the OP but I thought unquoted shares, for example, could be offset against income?

purdyoaten

Cardinal-Red wrote: »

Just for my own understanding, can you clarify this bit here?

Don't think it's relevant to the OP but I thought unquoted shares, for example, could be offset against income?

You are absolutely correct - long time since I came across that! Some EIS schemes too, from memory. I will amend my post.

jimmo

Cardinal-Red wrote: »

Just for my own understanding, can you clarify this bit here?

Don't think it's relevant to the OP but I thought unquoted shares, for example, could be offset against income?

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323692/hs286.pdf