Losses through share dealing, are they tax deductable?

Faz

Hi guys,

I have been dealing in shares using CFDs, and I know that any profits made over a certain amount are subject to tax. I have also been told that any losses made means that you can end up offsetting against the tax you pay on your normal income? Is this true?

During the tax year 07-08 I have made a (large) net loss on my CFD trading. I have been working in employment from July 07 till now and paying the normal rate of tax. Can anyone explain please how I can go about reclaiming tax I have paid from my CFD losses please?

Thanks.

p.s. i posted this in the 'tax' sub forum with no replies, perhaps it is better suited to this forum.

debbie42

Faz wrote: »

I have been dealing in shares using CFDs, and I know that any profits made over a certain amount are subject to tax. I have also been told that any losses made means that you can end up offsetting against the tax you pay on your normal income? Is this true?

My understanding of CFDs are that they are (unlike spreadbets) subject to CGT. So, you can offset any losses against future gains, but not against income tax.