How to calculate and carry forward CGT Loss

Hi, I am new to Self Assessment and have a question regarding how to carry forward the in year CGT loss to future years. For example, I record a CGT disposal gain of 7000 and another CGT disposal loss of 10000, could you please advise : 1. As I have a net loss of 3000, is it right that I am not eligible for CGT tax ? Or the gain and loss should be treated separately, and as the gain part is over the annual exemption amount of 6000 (for 2023/24), so there is 1000 (7000 - 6000) taxable which is however offset by the loss part ? I am not sure about the sequence of applying annual exemption and CGT disposal losses to the CGT disposal gains part. 2. Based on answer for point 1 above, if I want to carry forward the in year loss to future years, what is the amount i can carry forward ? a) the full loss of 10000 or b) the net loss 3000 or c) the loss after deducting the annual exemption from the gain i.e. 10000 - (7000 - 6000) = 9000 3. To carry forward the CGT loss, do I need to explicitly enter the amount in the 'Losses available to be carried forward' under the Losses and Adjustments section ? OR the Self Assessment system will automatically calculate it ? Thanks for your advise

Hi,

If a loss arises, there is no gain to set the annual exempt allowance against, so it is not used at all.

If one disposal results in a gain of £7000 and another results in a loss of £10000, overall, there is a loss of £3000, and so there is no Capital Gains Tax to pay.  

There is no requirement to report losses to HMRC, but you must do so, if you want to carry the losses forward, to set against gains in a future year. Capital gains and losses are reported on the supplementary page SA108:

Capital Gains summary (2024)

There is a box on the supplementary page, for you to declare that you are carrying the loss forward. If you complete an online tax return, the same boxes will be used.

Thank you.