CGT and loss making shares

peteh1

Hi, I have a number of BT shares bought at a higher price than they are currently, am I right in thinking as there is no gain there is no GCT to pay ? If fact as they are a loss to me, could the loss be offset against other profitable shares to reduce their CGT if I sell together ?

thanks.

[Deleted User]

If there is no gain, there must be a loss and no CGT can arise. The loss can be first set against gains in the same year. If no other gains the loss can be carried forward indefinitely. 

Jeremy535897

[Deleted User] said:

If there is no gain, there must be a loss and no CGT can arise. The loss can be first set against gains in the same year. If no other gains the loss can be carried forward indefinitely. 

However, you must claim the loss on a tax return within 4 years, even if you don't use it for 8 years.

jimmo

[Deleted User] said:

 The loss can be first set against gains in the same year. If no other gains the loss can be carried forward indefinitely. 

Not "can". It is "must"
In other words you have to combine all gains and losses in a tax year to arrive at a net gain or loss for the year.

[Deleted User]

jimmo said:

[Deleted User] said:

 The loss can be first set against gains in the same year. If no other gains the loss can be carried forward indefinitely. 

Not "can". It is "must"
In other words you have to combine all gains and losses in a tax year to arrive at a net gain or loss for the year.

Fair enough! A poor choice of word, although I thought ‘first’ got me out of gaol!