Hi, Can anyone help with this please?
I have Capital Losses from a few years ago that I am carrying forward for potential future use. This year however I have no need to fill out a CGT section in my self assessment as all my transactions were in ISA's, so how do I record the losses I'm carrying forward, so they don't get 'lost' in the system?
Many thanks IA.
MayLIx
Got a credit card? use our Credit Card & Finance Calculators
Thanks to Anonymous,bruncher,niord,gvonge,Shelford, for Donating to support the site
Capital Losses Carried forward
-
- Lemon Quarter
- Posts: 1103
- Joined: November 4th, 2016, 1:12 pm
- Has thanked: 179 times
- Been thanked: 378 times
Re: Capital Losses Carried forward
Maylix wrote:Hi, Can anyone help with this please?
I have Capital Losses from a few years ago that I am carrying forward for potential future use. This year however I have no need to fill out a CGT section in my self assessment as all my transactions were in ISA's, so how do I record the losses I'm carrying forward, so they don't get 'lost' in the system?
Many thanks IA.
MayLIx
They won't get lost. If you want, stick a note in the comments box at the end of your return "CGT losses bf and cf xx"
-
- 2 Lemon pips
- Posts: 147
- Joined: November 4th, 2016, 12:16 pm
- Has thanked: 392 times
- Been thanked: 39 times
Re: Capital Losses Carried forward
Thanks for the response genou, I've just received a a call back from HMRC and they have said the same thing: 'Note it in the Additional Information box at the end of the return'
That was going to be my default, but it's comforting to get it confirmed from two sources!
That was going to be my default, but it's comforting to get it confirmed from two sources!
-
- Lemon Slice
- Posts: 636
- Joined: November 4th, 2016, 8:51 pm
- Has thanked: 63 times
- Been thanked: 139 times
Re: Capital Losses Carried forward
Maylix wrote:Thanks for the response genou, I've just received a a call back from HMRC and they have said the same thing: 'Note it in the Additional Information box at the end of the return'
That was going to be my default, but it's comforting to get it confirmed from two sources!
I’m glad to get this confirmed too as that is exactly what I have been doing for the last few years. Genou says it doesn’t get lost but it’s disconcerting that there is no visibility of the loss recorded over possibly multiple years. If/when you come to offset it (or some of it) against a future gain you have to have made a note of it somewhere or go back over old returns in order to find out exactly how much there was. I’d much prefer it to be carried forward automatically in some way that you can see it.
Anyway they’re reviewing the whole CGT thing now so who knows we may not be able to carry losses forward for much longer.
Who is online
Users browsing this forum: No registered users and 5 guests