CGT “losses available to be carried forward”

Hi, I have a sum of losses carried forward from previous tax years. But for this tax year, I do not have any CGT loss or gain to report. My question is whether I would still need to fill in the CGT section in Self Assessment for the specific purpose of stating that same sum of losses in Line 47 of the CGT section.

To clarify, do I still need to fill in the CGT section in order to carry forward the loss from previous years although I don't have any CGT loss or gain to report this year?

Hi,
As you have already reported the losses these will be on record so you dont need to complete the CGT page each year if only to declare previous details.
Thank you.

Hi this is my first post so I'm sorry if I get it wrong. Me and my spouse made a capital loss on a second property sold in 09/2019 We also now have a capital gain on a second house sold 24/04/2024. My first question is if the loss wasn't posted on my SA return in 19/20 can I now offset it against some of my gain? My spouse doesn't complete a SA so what happens to her loss for carrying forward? Secondly, if the property that has gained was transferred from single ownership to joint ownership in 08/2022, does that have any impact on the gains/reporting (apart from allowing us to each use our £3000 GCT allowance)?

Hi,

Not if it has laready been reported.

Thank you.

Hi Bartybus,

A capital loss must be notified to HMRC within 4 years of the end of the tax year in which it arose in order for it to be used at a later date. As your year end is 5 April 2020 the loss should have been notified by 5 April 2024. As this date has now passed, the loss cannot be used.

Thank you.

Thanks, I have now sorted my HMRC bill, but my focus is now on my spouse's liability. I bought the residential property in 2004 in my sole name even though we were married, and then transferred it into joint ownership in 2022 before selling it in 2024. What figures do I work on for her CGT liability (what is her deemed purchase date and price?). She has no losses to bring forward and is a BRT

Hi,

Your spouse or civil partner may have to pay tax on any gain if they later dispose of the asset. Their gain will be calculated on the difference in value between when you first owned the asset and when they disposed of it. If this was before April 1982, your spouse or civil partner should work out their gain using the market value on 31 March 1982 instead.

They should keep a record of what you paid for the asset.

Thank you.