Declaring a loss under the CGT allowance

maccyd

Newbie
8 0
So I made a loss on CFD shares of around £8000 in the tax year 2012-2013, this is under the £10000 Capital Gains Tax allowance. Does anyone know if I can claim back the tax (approx £2000) or offset the tax? I am employed so I don't usually do any self assessment.
 

Trader333

Moderator
8,610 936
You can only offset capital gains tax losses against other capital gains. So if you bought a house and made say £50k profit then you can offset the £8K loss against this so bringing your capital gain to £42K.

You cannot offset this against employed taxable income but you can take capital losses from this year into future years if you make a capital gain and offset it against gains made before tax.
 

maccyd

Newbie
8 0
You can only offset capital gains tax losses against other capital gains. So if you bought a house and made say £50k profit then you can offset the £8K loss against this so bringing your capital gain to £42K.

You cannot offset this against employed taxable income but you can take capital losses from this year into future years if you make a capital gain and offset it against gains made before tax.

Hmm, I don't have anything to offset :( which is annoying, only shares that i had which were eligible for CGT.
 

SpreadBeta

Junior member
41 13
Hmm, I don't have anything to offset :( which is annoying, only shares that i had which were eligible for CGT.

I believe that if you declare the loss on the self assessment forms this year, then you are able to offset that loss in future years ( up to 6 years I think) when you make more than the 10k Capital gains allowance. Hence saving CGT in future years.

However To be sure I suggest you look at the hmrc website....
 

maccyd

Newbie
8 0
I believe that if you declare the loss on the self assessment forms this year, then you are able to offset that loss in future years ( up to 6 years I think) when you make more than the 10k Capital gains allowance. Hence saving CGT in future years.

However To be sure I suggest you look at the hmrc website....

Thanks SpreadBeta, but to declare this loss do I have to fill a self assessment or is there a form that I can just let them know about the loss?
 

SpreadBeta

Junior member
41 13
Thanks SpreadBeta, but to declare this loss do I have to fill a self assessment or is there a form that I can just let them know about the loss?

According to their website HMRC don't seem to require you to complete a self assessment but they will want something in writing from you so they have a record of the loss you are declaring.

I Suggest u give their helpline a ring and see what they will accept, if you are looking to declare the loss..
 

NVP

Legendary member
37,588 2,011
you can carry forward losses .......and against anything so it doesnt have to be just CGT on trading profits (hopefully) in the new tax year

dont think you can use spouses .......

N
 
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