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Basic question re CGT declaring a loss
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hallmark
Posts: 1,463 Forumite
In tax year 2023-2024 I traded a bit in GIAs.
On one account I made a circa £700 capital loss trading an ETC (sold the lot at a loss late 2023).
On the other account I made a circa £700 capital gain trading a few individual shares (also sold the lot late 2023)
My question is, do these two transactions cancel each other out for CGT purposes?
Or is it possible to ignore the gain as it was under the CGT allowance, but declare the loss to carry it forward to offset against any future possible gains?
I'm presuming the former but thought I'd ask.
Thanks
On one account I made a circa £700 capital loss trading an ETC (sold the lot at a loss late 2023).
On the other account I made a circa £700 capital gain trading a few individual shares (also sold the lot late 2023)
My question is, do these two transactions cancel each other out for CGT purposes?
Or is it possible to ignore the gain as it was under the CGT allowance, but declare the loss to carry it forward to offset against any future possible gains?
I'm presuming the former but thought I'd ask.
Thanks
0
Comments
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It's the former. You can only carry forward a net loss from your disposals within the tax year.
1
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