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Posted Sun, 05 Jan 2025 16:08:55 GMT by Daniel White
For my 2023-24 tax return I have made sold shares making gain of £11,296.05 which is over the £6,000 allowance for this tax year. I have losses of £23,546 to carry forward from the previous tax year however. Can I use £5,296.05 of those losses towards the 2023-24 tax year so that I still utilise my £6,000 allowance and save the rest of the losses for future years?
Posted Tue, 21 Jan 2025 16:27:41 GMT by HMRC Admin 8 Response
Hi,
The guidance at CG15810 advises that "any balance must be carried forward without time limit and deducted from chargeable gains accruing in the earliest later year. Losses brought forward are deducted after losses accruing in the year of assessment and cannot reduce the net chargeable gains to below the annual exempt amount. Any losses which thus cannot be deducted remain available for deduction in later years".
Thankyou.

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