Loss on foreign non-reporting fund held overseas- Impact of Foreign Loss election

Hello, I started working in the UK some years back and filed taxes in the UK on a remittance basis. However, I did not make a Foreign Loss Election within 4 years of starting work in the UK, as I was filing on the remiitance basis and I had no capital gains or losses to report during that period. I have since been filing taxes in the UK on an arising basis for the last two years. I am currently not UK domiciled nor deemed domiciled in the UK. I have incurred a loss on sale on a foreign non-reporting fund held in an account in the US in the last tax year (23/24). GIven that I am now reporting on an arising basis, had I made a gain on sale, I would have reported that as Income (rather than Capital Gains). However, since - I made a loss on sale, on a non reporting fund held outside of the UK - and given that I had not made the Foreign loss election within 4 years of my first claiming remittance basis, - and I am currently not domiciled or deemd domicied in the UK am I able to take this loss as a capital gains loss to use in the 23/24 tax year? Or am I in a situation where I am liable for UK tax on foreign gains (filing on an arising basis) but unable to use foreign losses, until I become domiciled/deemed domiciled in the UK?

Hi,

You can see guidance here:

CG10921 - Effects of residence/domicile: residence etc: losses

Thank you.

Thank for the response. If I have a foreign loss that based on the above cannot be used to offset gains (as I did not make a foreign loss election), do those disposals still need to be reported?

Hi,
If you are now outside the 4 year period to claim/use them, then no.
Thank you.