The Lemon Fool

If I make a CGT profit that exceeds my CGT allowance, do I have to utilise carry forward losses, or can I chose to pay the tax and keep my carry forward losses for use in a later tax year?

Background...
* I have about £15,000 of carry forward GCT losses
* This tax year & next I will have unused basic rate band - thereafter I expect to pay higher rate tax for evermore
* Although I have used my CGT allowances every year, I have accumulated and hope to continue accumulating CGT profits well in excess of the reduced CGT allowance

Blagdon wrote:If I make a CGT profit that exceeds my CGT allowance, do I have to utilise carry forward losses, or can I chose to pay the tax and keep my carry forward losses for use in a later tax year?

Background...
* I have about £15,000 of carry forward GCT losses
* This tax year & next I will have unused basic rate band - thereafter I expect to pay higher rate tax for evermore
* Although I have used my CGT allowances every year, I have accumulated and hope to continue accumulating CGT profits well in excess of the reduced CGT allowance

If you don't claim the losses, you can keep them and carry them forward.