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First time submitting capital gains/loss tax return online
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Posts: 128 Forumite
in Cutting tax
I'm self-employed and submit my own tax return online through the HMRC website.
Between 2020-2021 I bought and sold many stock shares online. Mostly US shares. I made a loss overall and I'm now submitting my tax return online and filling out the capital gains/loss area.
There's a part called: If you are making any claims or elections, select the relevant code: (optional)
GHO - Gift Hold-Over Relief
ROR - Rollover Relief
NVC - Negligible Value Claims
OTH - Other claims
MUL - If more than 1 code applies
I don't know which one I am meant to choose. I have made more losses than gains and so I want to firstly use my losses to prevent any capital gains tax due from my gains and then I want to make sure the rest of my losses roll over each year to use in the future.
Am I meant to choose one of those options above or select no?
Also, I have attached all of my trades to the submission in a PDF format but there is a question where it asks you for a disposal proceeds figure. I used a few different brokers and one of them did not give this information. I have the proceeds up-to-date with the others but not this one. It might be impossible or extremely time consuming to get that information if I have to go through trade by trade and try to figure it out. (I did a lot of trades). I didn't realize at the time that this broker had a garbage statement system.
Like I said I have attached all the trades with details to the submission so they could "technically" go through the painful process of finding that out if they want to. I don't see why they would need to know a proceeds total as long as they had the profit/loss from the trades but I'd put it if I had the information.
I hope that makes sense!
Thanks
Between 2020-2021 I bought and sold many stock shares online. Mostly US shares. I made a loss overall and I'm now submitting my tax return online and filling out the capital gains/loss area.
There's a part called: If you are making any claims or elections, select the relevant code: (optional)
GHO - Gift Hold-Over Relief
ROR - Rollover Relief
NVC - Negligible Value Claims
OTH - Other claims
MUL - If more than 1 code applies
I don't know which one I am meant to choose. I have made more losses than gains and so I want to firstly use my losses to prevent any capital gains tax due from my gains and then I want to make sure the rest of my losses roll over each year to use in the future.
Am I meant to choose one of those options above or select no?
Also, I have attached all of my trades to the submission in a PDF format but there is a question where it asks you for a disposal proceeds figure. I used a few different brokers and one of them did not give this information. I have the proceeds up-to-date with the others but not this one. It might be impossible or extremely time consuming to get that information if I have to go through trade by trade and try to figure it out. (I did a lot of trades). I didn't realize at the time that this broker had a garbage statement system.
Like I said I have attached all the trades with details to the submission so they could "technically" go through the painful process of finding that out if they want to. I don't see why they would need to know a proceeds total as long as they had the profit/loss from the trades but I'd put it if I had the information.
I hope that makes sense!
Thanks
0
Comments
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Your capital gains over the tax year will produce a net loss. There is no need to use any of the codes you mention. Put an estimate in of proceeds and cost if you don't know the figures. There is a box to tick if you include an estimate, and you can explain why the gain or loss will be correct, but the proceeds and costs are estimated for some trades. You make a claim to carry the net loss forward. Use boxes 45 and 47 on SA108.1
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