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Posted Tue, 03 Sep 2024 13:36:45 GMT by JimmyD83
Hello! A not too complicated few questions I hope. So: - Tax year 2022/23 - made a capital loss of £7,191.52 from disposal of Shares Tax year 2023/24 - made a capital loss of £1251.99 from disposal of Shares, but a £5,846.16 capital gain from disposal of other Shares, therefore a net capital gain of £4,594.17 (within that year's annual CGT allowance). Tax year 2024/25 - made a capital loss of £270.89 from disposal of Rio Tinto shares (up to now) Questions: - Can I continue to carry forward the £7,191.52 capital loss made in 2022/23, or would that have been in part used up against the capital gain in 2023/24? Can I can use the £1,251.99 capital loss going forward? I assume I can't as it would have been off-set against the gain made in the same year (2023/24) Can any losses made in this tax year (including the existing £270.89 loss) be off-set against this years capital gains, or would the gain in 2023/24 have swallowed that up too? If you are unable to answer all of the questions i'd really appreciate just an answer to the first question - as more money is at stake there :) I would add that I have not yet announced any of the losses to HMRC (or the gains as they fell within annual exemption) Thank you!
Posted Thu, 12 Sep 2024 07:44:02 GMT by HMRC Admin 25 Response
Hi JimmyD83,
The loss from 22/23 can be carried forward until you need it.
The loss for 23/24 must be used against the 23/24 gain as they are both in the same tax year and in year losses are used first.
To allow the use of any losses, they must be notified to HMRC within 4 tax years of them arising.
Thank you. 

 

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