Capital Gains Tax - Shares

Aveneir

hi Forumites,

I've a query on the CGT summary form under, listed shares.

Box 26 asks for 'gains in the year before losses'. The summary notes say, 'this figure will be the gain minus any relief, claims or elections'. If my claim is greater than the losses then the figure will be negative. I believe the word 'minus' should be excluding. Anyone agree?

many thanks

phlebas192

That's how I've interpreted it. ie I put the total gains in box 26 and the total losses in 27. I've got some losses from previous years that I've carried forward so put OTH as the claim code in box 28 and the carried forward losses used in box 45.

I suspect that this might not be strictly correct (I've long since given up trying to work out the minutae of what the notes really mean since they are clearly not written in a way meant to be understood by an averagely intelligent tax payer) but it produces the correct calculation result and it's not been queried in previous years' returns.

TBH, unless your return involves large amounts or you are very unlucky, there seems to be little chance of your return being queried.