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Posted Sun, 15 Dec 2024 10:29:59 GMT by JPH44 London
I have units in a carried interest partnership which are reporting a loss this year (T/E Apr 2024). In T/E Apr 2022 the units recorded a gain. I expect (based on cash realisations YTD) that there will be another gain for the 2025 ending tax year. I am wondering how best (or most easily) to manage this timing mismatch on my self-assessment reporting so that the correct net gain is taxed (in total over the years). Are the options outlined below possible/recommended? Can I delay reporting the T/E ending 2024 loss until next year (T/E ending 2025) to offset the gains then? Can I report the loss this year and have it carried forward to next year? (if so how...?) Is there a third option to reclaim tax paid on the 2022 gains? (and if so how?)
Posted Fri, 20 Dec 2024 15:00:29 GMT by HMRC Admin 32 Response
Hi,
Losses are claimed for the tax year that they arise. The losses can be carried forwards and set against a future gain in a future tax year.
Thank you.
Posted Fri, 20 Dec 2024 15:13:36 GMT by JPH44 London
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