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Posted Wed, 24 Jan 2024 12:29:01 GMT by
Hello there, I made an investment in USD and upon its disposal in 21/22 incurred a capital loss - given forex change am I allowed to revalue non-GBP capital losses b/f using a current tax year exchange rates (and going forward until the loss is fully utilised)? Thank you.
Posted Thu, 25 Jan 2024 15:29:43 GMT by
clarification let's say, I converted GBP into 30,000 USD in order to make an investment into an asset. During 21/22 tax year I disposed this investment at a capital loss of 10,000 USD (say, 7500£ at the time). Do I a) carry forward 7500 GBP of capital loss only or b) revalue capital loss of 10,000 USD using current tax period GBP/USD rate or c) revalue capital loss of 10,000 USD into GBP at a time when this loss is set off against capital gains? I would appreciate some guidance. Thank you.
Posted Fri, 26 Jan 2024 15:38:04 GMT by HMRC Admin 25
Hi MP2,
No, the loss is based on the figure reported in the year it occurred.
Thank you. 


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