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Posted Sat, 20 Jan 2024 14:16:09 GMT by
Hi. I sold over 49000£ worth of stock last year, had profits of around 10000£ but losses of 30000£. When it asks me if I want to make a claim, I say no but then it gives me a red warning. Do I need to make a claim if I have losses or how does it work? Can someone help? Thank you
Posted Wed, 24 Jan 2024 11:45:44 GMT by HMRC Admin 25 Response
Hi kloeriou sacm,
If your costs are greater than your turnover, then you make a loss.
You can elect to carry the loss forward and set against a profit in a future tax year.
There are other alternatives, if your busines is less than 4 years old.
Have a look here:
HS227 Losses (2023)
Thank you. 
 
Posted Fri, 26 Jan 2024 00:26:45 GMT by Alan Webb
HMRC Admin 25 why are you referring to trade losses in a question about CGT losses unless kloeriou sacm really does mean stock of a trade rather than stocks & shares? kloeriou sacm - What do you mean by "I sold over 49000£ worth of stock last year"? Is this in a business you are running like a shop holding trading stock to sell in the business (as HMRC as presumed) or do you mean stocks and shares in companies? If you mean sales of stocks & shares on which you had £10000 gains and £30000 losses then you have £20000 net losses to carry forward against future capital gains in excess of the annual exemption.

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