Gersemi wrote:XFool wrote:It's more a matter of can I just go ahead now with with my SA for the following year, without knowing the outcome of the above?
I think you are saying that you may have CG to declare for 22-23 if it shouldn't have been declared in 21-22 and if it should be declared in 22-23 then you do have losses that can be set against them. So the outcome of 21-22 will affect 22-23.
Yes. At least that the gain may possibly be in the later year and some of the claimed losses may then be invalid (if not already - that is a separate matter) - as I have never reported them previously.
Gersemi wrote:In your position I would contact HMRC to see what they are intending to do about 21-22. You haven't followed the correct process because you didn't self assess the CG for 21-22. However if you think the result of the CG computation should be a loss then you may find that HMRC aren't intending to do anything!
Overall it won't be a loss. I think I will just wait a bit longer, possibly prepare but not submit my SA and then contact HMRC later to see what they say.
Gersemi wrote:In your position (ie finding out at the last minute that there was a problem that I couldn't readily find an answer for) I would have done a computation as best I could and made a note explaining the assumptions I had made. That way if HMRC does an enquiry and they decide you were incorrect, they will amend the computation and the amendment will flow through to later years. Of course if they don't enquire your computation would stand.]
That is what I was trying to do, but there were simply too many unknowns (to do with possible loss claims as well) and the CGT pages online just didn't seem to match the situation, so after trying I gave up and did my SA for income tax and attached a full and detailed explanation of all matters relating to CGT.
I have always ignored CGT (that includes any loss claims too) as I don't usually expect them or they are usually below the threshold.