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Posted Wed, 24 Jan 2024 15:31:00 GMT by
I was gifted a share of a property 20 years ago and I am just about to complete the sale, I've calculated my gain will be about 12K and I am proposing to sell shares that currently show a loss of 9K. Can I use this loss to offset the gain as the online calculator seem to only ask about declared losses in previous years. Thank you Kevin
Posted Mon, 29 Jan 2024 08:38:24 GMT by HMRC Admin 19

If the sale of the shares is after the sale of the property, then no, as they have not actually arisen at the time of disposal. This would then be reflected in the tax return for you to then get a refund.

Thank you.
Posted Mon, 29 Jan 2024 14:34:19 GMT by
Thank you for the reply. So, for clarification, if I sell the shares now and crystalise the loss and the completion of the property is in three weeks, is that a situation whereby I can offset the tax, or does the loss need to be carried forward from a previous tax year. Thank you again.
Posted Thu, 01 Feb 2024 09:37:49 GMT by HMRC Admin 2

Provided that both disposals are in the same tax year, the loss can be set against the gain. If they are in separate tax years, the loss can only be carried forward and set against the gains in a future tax year.  

CG21500 - Individuals: Losses: assessment

Thank you.

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