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  • FIRST POST
    • Judesman
    • By Judesman 15th Nov 17, 9:49 AM
    • 76Posts
    • 4Thanks
    Judesman
    Carrying Forward Capital Losses.
    • #1
    • 15th Nov 17, 9:49 AM
    Carrying Forward Capital Losses. 15th Nov 17 at 9:49 AM
    I have significant capital losses from the sale of shares many years ago registered with HMRC. I am about to sell shares that will realise significant gains that I want to set off against these registered losses. I would like to know if there are any time limitations or limits on the amounts I can set off against a capital gain made in any one tax year. If I phone HMRC the person answering will tell me that they are not an expert on Capital Gains Tax and they will get someone to phone me, and they never do. So, can anyone here help please?
Page 1
    • purdyoaten2
    • By purdyoaten2 15th Nov 17, 10:14 AM
    • 1,026 Posts
    • 505 Thanks
    purdyoaten2
    • #2
    • 15th Nov 17, 10:14 AM
    • #2
    • 15th Nov 17, 10:14 AM
    the losses can be carry forward indefinitely BUT ..........

    have you informed HMRC of said losses?

    https://www.gov.uk/capital-gains-tax/losses
    • Judesman
    • By Judesman 15th Nov 17, 10:19 AM
    • 76 Posts
    • 4 Thanks
    Judesman
    • #3
    • 15th Nov 17, 10:19 AM
    • #3
    • 15th Nov 17, 10:19 AM
    Yes, the losses have been registered with HMRC. I will read your link. Many thanks.
    • 00ec25
    • By 00ec25 15th Nov 17, 10:21 AM
    • 8,009 Posts
    • 7,744 Thanks
    00ec25
    • #4
    • 15th Nov 17, 10:21 AM
    • #4
    • 15th Nov 17, 10:21 AM
    if the losses are already formally registered with HMRC (*) then there is no time limit impacting their utilisation, they remain available indefinitely.

    Purdyoaten's link works in the negative, ie no where does it say there is a time limit because there isn't one. It does deal with rules over registering and offsetting. (Both of which are, as ever with the .Gov website, covered so superficially as to be of limited value)

    the CGT manual is the place for the technical detail: "any balance must be carried forward without time limit"
    https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg15810

    The rules are over the order in which you must offset them against a gain when you finally need to.

    * for the record there are time limits for claiming the loss, but you say you have already registered them so this is just for other people's interest:
    http://www.edwinsmith.co.uk/news/time-limits-for-claiming-capital-gains-losses
    Last edited by 00ec25; 15-11-2017 at 10:27 AM.
    • Judesman
    • By Judesman 15th Nov 17, 10:36 AM
    • 76 Posts
    • 4 Thanks
    Judesman
    • #5
    • 15th Nov 17, 10:36 AM
    • #5
    • 15th Nov 17, 10:36 AM
    Many thanks, I will do some reading.
    • purdyoaten2
    • By purdyoaten2 15th Nov 17, 10:39 AM
    • 1,026 Posts
    • 505 Thanks
    purdyoaten2
    • #6
    • 15th Nov 17, 10:39 AM
    • #6
    • 15th Nov 17, 10:39 AM
    if the losses are already formally registered with HMRC (*) then there is no time limit impacting their utilisation, they remain available indefinitely.

    Purdyoaten's link works in the negative, ie no where does it say there is a time limit because there isn't one. It does deal with rules over registering and offsetting. (Both of which are, as ever with the .Gov website, covered so superficially as to be of limited value)

    the CGT manual is the place for the technical detail: "any balance must be carried forward without time limit"
    https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg15810

    The rules are over the order in which you must offset them against a gain when you finally need to.

    * for the record there are time limits for claiming the loss, but you say you have already registered them so this is just for other people's interest:
    http://www.edwinsmith.co.uk/news/time-limits-for-claiming-capital-gains-losses
    Originally posted by 00ec25
    Yes - I see what you mean. My link was only supposed to highlight the reporting time limit of four years which is in the middle somewhere!!!
    • laticsforlife
    • By laticsforlife 17th Nov 17, 12:45 PM
    • 1,210 Posts
    • 1,474 Thanks
    laticsforlife
    • #7
    • 17th Nov 17, 12:45 PM
    • #7
    • 17th Nov 17, 12:45 PM
    When you say 'registered', how do you mean you did that, in tax returns year on year (carried forward loss on the CG pages) or aren't you on the self-assessment train.

    If you sent a letter, don't expect it still to exist, nowhere to keep it these-days, staff don't even get a desk each!
    I didn't do it, nobody saw me do it, you can't prove a thing!
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    • Judesman
    • By Judesman 17th Nov 17, 3:19 PM
    • 76 Posts
    • 4 Thanks
    Judesman
    • #8
    • 17th Nov 17, 3:19 PM
    • #8
    • 17th Nov 17, 3:19 PM
    Several years ago I accumulated some pretty nasty losses thanks to Lloyds and RBS. I did an annual self assessment return with capital gains return attached. Last month I phoned HMRC and they confirmed my registered loss.
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