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Posted Mon, 20 Nov 2023 09:59:45 GMT by Brent Sandiford
Hi, I'm new to Annual Online SA Tax Returns. I've just been reading the threads of this forum and are a little confused. TAX YEAR 22-23 If I had a CGT profit of £8000 and A loss of £2500 Could I 1. As my profit was under the £12300 annual CGT allowance ignore it carry forward the whole £2500 loss to 23-24 tax year. or 2. Subtract £2000 loss from £8000 profit leaving net £6000 profit. Which is still under my £12300 CGT allowance and loose my £2000 loss. I have noticed on here that both scenarios have been said are correct by HMRC agents..... Are the answers provided on this forum by HMRC employees.... So accurate...
Posted Tue, 21 Nov 2023 16:41:09 GMT by HMRC Admin 10
In year capital gains losses must be used first even if that means you lose out on the annual exempt amount.
For your scenario, the losses would be used against your profit and the overall figure is still below your annual exempt amount for 22/23 so no capital gain charge would be due.

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