Capital Gains vs EIS losses
Posted: May 1st, 2024, 6:19 pm
I have a couple of EIS losses I'd like to offset against income tax. So far, so good: it's worked for me in the past.
However, I also have a non-EIS capital gain (as noted here). It's way below the £6k exemption, so in principle I shouldn't need to report it. But presumably if I fill in a Capital Gains section to claim my EIS losses, I should then not omit a capital gain? And the gain is a little bigger than the EIS losses!
How do these then interact? EIS rules allow me to claim losses against income tax. Does that still apply if I have non-EIS capital gains as well?
For added complication, the capital gain was on a Portuguese company, and so denominated in Euros. And there's a small holdback. Should I report the total receivable if the holdback gets paid in full, or just the amount received to date (I'd prefer all-at-once). And do I report it gross, or net of transaction costs?
However, I also have a non-EIS capital gain (as noted here). It's way below the £6k exemption, so in principle I shouldn't need to report it. But presumably if I fill in a Capital Gains section to claim my EIS losses, I should then not omit a capital gain? And the gain is a little bigger than the EIS losses!
How do these then interact? EIS rules allow me to claim losses against income tax. Does that still apply if I have non-EIS capital gains as well?
For added complication, the capital gain was on a Portuguese company, and so denominated in Euros. And there's a small holdback. Should I report the total receivable if the holdback gets paid in full, or just the amount received to date (I'd prefer all-at-once). And do I report it gross, or net of transaction costs?