Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Thu, 26 Oct 2023 23:55:17 GMT by
Hi HMRC Admin, I became UK resident on 1 Aug 2022. I sold several mutual funds(acquired in Oct and Nov 2021) in Sep 2022 and experienced capital loss. Can I know if I can use this capital loss to offset my other income like rental income and employment income? And what forms should I use? Many thanks! Best wishes, TC
Posted Wed, 01 Nov 2023 07:38:12 GMT by HMRC Admin 25 Response
Hi TC_UK,
Capital gains losses, cannot be set against income arising in the tax year, except where they arise from unlisted shares and securities, in certain circumstances.
See box 41 of SA106 notes form more information.
Capital Gains Tax summary notes
In general, capital gains losses can only be carried forward and set against a future capital gain.
Thank you, 
 
Posted Sat, 04 Jan 2025 09:50:42 GMT by AlexL
Hi HMRC Admin, What happens if a person receives a large sum of crypto in the form of rewards, such that this sum is taxable as income. Prior to paying the tax on that income the market value of the crypto currency plummets to orders of magnitude less than the value when the rewards were originally recieved. Ultimately, if capital losses cannot offset income tax then there are perfectly plausible situations where individuals will be left with no means to pay their income tax through no fault of their own. Would you provide some further guidance on this matter please. I read the document linked to above, and it does cover this scenario. Thanks in advance.
Posted Fri, 17 Jan 2025 10:33:29 GMT by HMRC Admin 21 Response
Hi,
Crypto is taxed as Capital Gains and as such any losses are only available to be set against future gains. it is only exceptionally that this would be seen as Self Employed income for income tax to apply - Cryptoassets Manual.
Thank you.

You must be signed in to post in this forum.