Embarrasing CGT Questions

[TahiPanasDua]

To my shame, I don't fully understand how to deal with CGT in my HMRC online returns and need a wee bit of really basic advice. Having spent decades overseas I have only started to make UK tax returns in the last 2 tax years hence my ignorance. (Poor me....I was totally deprived of dividend and gains liability during those years)

I have recorded CGT losses from share sales in each of the last two returns and in the next year have to report my first overall gain.

My questions are as follows:

1. Is there some way online to search details of those previous losses? I stupidly couldn't see a way when I looked. However, I have kept a hard copy of the losses as reported at the time.

2. Does HMRC keep a running total of previously reported losses and automatically deduct these from any gains in their calculation of tax due in the current year, or do I have to do it? How does it work?

I had no problem reporting dividends.

Many thanks for any advice and apologies for my naivety.

TP2.

[feste]

Hi TP2,

An erstwhile Fool, gengulphus, has a very helpful board ('CGT') over on ADVFN, if you get no joy here...

ATB

[genou]

1. Is there some way online to search details of those previous losses? I stupidly couldn't see a way when I looked. However, I have kept a hard copy of the losses as reported at the time.

Not to my knowledge.

2. Does HMRC keep a running total of previously reported losses and automatically deduct these from any gains in their calculation of tax due in the current year, or do I have to do it? How does it work?

They'll have a record, yes. But it is up to you to use your b/f losses, by entering a number in Box 45 of the CGT return -

https://assets.publishing.service.gov.u ... s_2019.pdf

[TahiPanasDua]

1. Is there some way online to search details of those previous losses? I stupidly couldn't see a way when I looked. However, I have kept a hard copy of the losses as reported at the time.

Not to my knowledge.

2. Does HMRC keep a running total of previously reported losses and automatically deduct these from any gains in their calculation of tax due in the current year, or do I have to do it? How does it work?

They'll have a record, yes. But it is up to you to use your b/f losses, by entering a number in Box 45 of the CGT return -

https://assets.publishing.service.gov.u ... s_2019.pdf

Thanks Genou,

Not exactly a user-friendly method. It is not rocket science to devise an automatic calculation ......but, of course, I am not surprised.

TP2.

[feste]

Hi TP2,

You might consider inputting your purchase/sale records into a free calculator such as www.cgtcalculator.com.

HTH