Carrying forward a Capital Loss

Hello, I'm new to Self Assessment and I'm currently processing my tax return for the 2022/23 tax year. I have a question around carrying forward a capital loss. I sold two lots of shares in the 2022/23 tax year as follows: - Unlisted Shares in Private Company making a profit of £2,481.36 - Public Shares in a Public Company making a loss of £1,739.31 So net gain for the 2022/23 tax year is £742.05 which is under the Capital Gains Personal Allowance. Questions: 1) My understanding is that no capital gains tax is due as I have not breached the Capital Gains personal allowance of £12,300? 2) As I have not breached the Capital Gains Personal Allowance amount, can I still carry forward the capital loss of £1,739.31 to a future tax year? 3) If the answer to question 2) is yes, where do I include this in my self assessment for the current tax year and how many years can the loss be carried forward for? Many thanks in advance.

Hi,

The annual exempt allowance is not set agains losses, only gains. You can still carry forward the loss to a future tax year. Losses can be carried forward indefinitely and set against a gain in a future tax year.

Thank you.

Thanks for the quick response. One final question from me. My understanding is that i cannot use / offset the Capital Loss from the sale of the shares against additional income tax due? Is that correct?

Hi,

Correct - capital losses can only be used against capital gains tax  .

Thank you .