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Posted Mon, 06 Jan 2025 16:26:55 GMT by A DOS
I am a basic rate tax payer. I sold some shares at a profit before the Oct 24 budget. I also sold some shares after Oct 24, some of which were sold at a loss and some at a profit. The capital gains rate increased in the budget from 10% to 18%. How do I calculate my tax liability to include losses and allowance? So for example I sold shares which realised a gain of £16K in August 2024. Then sold some shares which realised a loss of £1K in December 24 and others which realised a gain of £400 in December 24. What is my capital gains liability? Does the allowance come off the first gain, so 16k-3k(allowance) = 13k. So 10% tax on this? Then which set of gains does the loss I made in December come off, the gain I pay 10% on or the gain I pay 18% on? What happens to the remainder of the loss? I would like to know so I can calculate my tax liability.
Posted Tue, 21 Jan 2025 15:59:00 GMT by HMRC Admin 8 Response
Hi,
In year losses must be used first before working out the tax due. the reporting system will show the 2 different periods so that the correct rate of tax will be applied.
You need to work the tax out as we cannot give this informaiton on this forum.
Thankyou.
Posted Fri, 07 Feb 2025 14:41:46 GMT by A DOS
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