CGT/SA108 Help on property and share disposal

tigerspill

Hi,

I am completing my SA108 and have a few questions I hope you can help with. Mainly around which boxes to complete.

I have two capital disposals in 2020/21

If I complete two CGT worksheets, one for disposal of a residential property and another for disposal of shared as follows - 
1. Residential property sold at a capital loss on £2000 (Box 7 "Losses in the year" on CGT form) 
2. Disposal of shared with a gain of £200 (Box 26 "Gains in the year, before losses" on CGT form)  

Obviously I don't need to pay any CGT, but I want to carry forward the loss, but do I carry forward the whole loss of £2000 on the residential property, or do I combine the in year loss and gain into a loss to carry forward of £1800?

Do I need to then complete Box 47 "Losses available to be carried forward" with the loss (either £2000 or £1800 depending on above)? Are there any other figures, or boxes to fill in, I need to add to the form?  

Which code do I use in Box 8 "If you’re making any claim or election, put the relevant code in the box". I assume I need to complete to claim the loss to carry forward?

Thank you.

[Deleted User]

You don’t have the option to carry forward £2000 - you must set £200 against the gain of £200 and carry forward £1800. 

You are not claiming any claims or elections and box 8 is not relevant. 

In ‘losses of 2020/21 set against gains in the summary - you enter £200. 

In losses available to carry forward you enter £1800. 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974132/SA108_English_Form_2021.pdf

[Deleted User]

You do not have an option to carry forward £2000 - £200 must be set against same year gains with £1800 to be carried forward. See attached:

Box 46- enter £200
Box 47 - enter £1800

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974132/SA108_English_Form_2021.pdf

Jeremy535897

You carry forward the net loss of £1,800 as losses in a tax year must be set against gains of the same tax year, even though it may waste your annual exemption. The £1,800 goes in box 47. There is no claim or election code for losses as you are claiming the loss in box 47. (The list of codes on CGN 3 does not have a code for claiming losses. It is for things like main residence relief.)

Presumably you didn't complete an online report of the loss on the residential property, as there was no need to.

tigerspill

[Deleted User] said:

You do not have an option to carry forward £2000 - £200 must be set against same year gains with £1800 to be carried forward. See attached:

Box 46- enter £200
Box 47 - enter £1800

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974132/SA108_English_Form_2021.pdf

Jeremy535897 said:

You carry forward the net loss of £1,800 as losses in a tax year must be set against gains of the same tax year, even though it may waste your annual exemption. The £1,800 goes in box 47. There is no claim or election code for losses as you are claiming the loss in box 47. (The list of codes on CGN 3 does not have a code for claiming losses. It is for things like main residence relief.)

Presumably you didn't complete an online report of the loss on the residential property, as there was no need to.

thank you both.  You are right, I didn't complete the submission that is now required after 30 days as I didn't make a gain on the property.

Jeremy535897

tigerspill said:

[Deleted User] said:

You do not have an option to carry forward £2000 - £200 must be set against same year gains with £1800 to be carried forward. See attached:

Box 46- enter £200
Box 47 - enter £1800

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/974132/SA108_English_Form_2021.pdf

Jeremy535897 said:

You carry forward the net loss of £1,800 as losses in a tax year must be set against gains of the same tax year, even though it may waste your annual exemption. The £1,800 goes in box 47. There is no claim or election code for losses as you are claiming the loss in box 47. (The list of codes on CGN 3 does not have a code for claiming losses. It is for things like main residence relief.)

Presumably you didn't complete an online report of the loss on the residential property, as there was no need to.

thank you both.  You are right, I didn't complete the submission that is now required after 30 days as I didn't make a gain on the property.

Now after 60 days (since 27 October 2021).