Selling Shares result to Capital Loss

Do I need to report loss in SA108 when selling overseas shares as no gain in the transaction and I will not claim this loss in future tax years?

Hi Eva Ng,
There is no requirement to report losses to HMRC.
You will have 4 years to report the losses if you change yoru mind.
Thank you. 


 

Hi, I'm UK tax resident and non-domicile. Tax year 20/21 I sold overseas shares result to capital loss. Tax year 21/22 I sold oversea shares result to capital gain. For tax year 20/21 and 21/22 I used remittance basis and made foreign loss election. I didn't bring in any of oversea money into UK during both years. Now for tax year 22/23 I'm becoming arising basis user, and I have overseas capital gain. Can I now claim the relief for the loss arisen in 20/21? Thank you. Also would it be possible to confirm that I have to report the loss only when I want to claim the relief?

Hi al1918 YU

Foreign losses must be reported in order to be used on any UK gains and must be done in writing.
Please refer to guidance at CG25330A - Remittance basis: election for foreign losses to be allowable: TCGA92/S16ZA

Thank you