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Posted Mon, 05 Feb 2024 00:04:24 GMT by
Hi If I made losses on selling my investment/stocks and shares in May 2018. Does that mean I have + 4 years to report it equating to 14 April 2023? Therefore I should have submitted for the 31 Jan 2024 deadline? Or should I have submitted last year already? In the event I am already past due, am I still able to submit but paying a fine for late submission? I am seeing something like 1 day = 100 pounds, but 10 pounds per day for 3 months. How would I calculate that if we assume submission date will be 8th Feb 2024? Is it 100 +10*7? Or it's 100 pounds * 8 days? I didn't think losses would be timed out. And I don't want to lose out on offsetting my losses with potential future gains. Depending the amount of penalty, I may still be very willing to pay it if under 4k for example. Thank you, J
Posted Wed, 07 Feb 2024 12:40:37 GMT by HMRC Admin 19
Hi,

May 2018 falls into the 2018 to 2019 tax year, which ended on 5 April 2019. To claim losses for 2018 to 2019, you had until 5 April 2023, 4 years from the end of the tax year, to claim those losses. In almost all cases, any claim for losses, submitted after this date for 2022 to 2023, will be rejected. You can look at the guidance on late claims here:

SACM10040 - Unsuccessful Attempts to make a Claim or Election: Late Claims - Who Decides Whether to Accept and How

Thank you.
Posted Thu, 08 Feb 2024 09:20:04 GMT by
Thank you for the reply HMRC 19. You mentioned until April 2023 (partly understood), then from my understand that would then translate to submitting self assessment claim if done online by 31 Jan 2024? Or would it have had to been submitted 31 Jan 2023? Or are the losses submitted differently and must be done precisely as you said, before each April year? If it is the last route, would it need to be mentioned again in the return of Jan 31, 2023 or 24? Thanks Can you advise further please?
Posted Tue, 13 Feb 2024 13:55:08 GMT by HMRC Admin 32
Hi,

You are now outwith the period to claim any losses for the 2018 to 2019 tax year. These had to be reported by 5 April 2023 and as this date has now passed, they can no longer be claimed.

Thank you.

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