Capital Gain in Current Year & Loss in Prior Year

Hi, I’m in the process of completing my tax return for 2023/24. Do I need to report a Capital Gain on the sale of UK funds if the total gain is below £6,000 and the total proceeds were under £50,000? Also, I wish to notify/declare to HMRC a CGT loss on the sale of UK shares, in 2021/22. Can I do this on my 2023/24 return or do I need to complete a separate form? If it’s the former please confirm the section. If the latter please can you confirm the form that I need to use? Thank you

Hi,

No, you do not need to declare it in your tax return.

Thank you.

Hi, thank you for answering with my first question. Please could you also advise on my second query? As I wish notify/declare to HMRC a CGT loss on the sale of UK shares, in 2021/22. Can I do this on my 2023/24 return or do I need to complete a separate form? If it’s the former please confirm the section on the return. If the latter please can you confirm the form or process that I need to use. Thanks

Hi Peter Stiverson,
The loss would need to be notified separatly in writing, prior to submitting the latest retrun in which you wish to utilise it.
This should be sent to:
HMRC PAYE & Self Assessment
BX9 1AS
Thank you. 

Ok, Thanks for confirming.

Hi, Just a quick clarification please. I sent written notification of the 2021/22 loss (circa £1.4k) to HMRC in Sept. I have not submitted yet my 2023/4 return, but will not be utilising the loss in that year. ((1) How will I establish if HMRC have accepted the loss against any potential gains in future years? (2) Also, having sent notification can the loss be carried forward indefinitely? Thanks

Hi,
Once the loss is noted on your record it will be there until you need it. When you do use it you will need to report this on the capital gains section of your tax return. It can be carried forward indefinately.
Thank you.