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Posted Mon, 01 Nov 2021 21:17:13 GMT by groucho123
Hi In 2020/21 I made a capital gain which is >£12,300 through Crypto, and so need to submit a return. I made and reported a loss several years ago through self assessment that I will be able to use to reduce that gain to below the £12,300 threshold. I'm comfortable with how to do this. Where I'm a little unsure is - I have some other losses from the last 4 years which I haven't yet reported as I stopped needing to submit SA. These loss values are not needed to offset this particular gain, however I'd also like to report these to be able to use against the following year(s). I understand to report those I need to write to HMRC (outside of self assessment) to notify of those. I'm assuming that having those "logged" will take a period of months? In which case, there's likely to be an "overlap" in the time when I report those losses and when I submit SA, so would like to understand how to handle it in my SA. So - take a simple example: - I reported a £2,000 loss 10 years ago I lost £3,000 in 2017/18 but didn't report it I lost £3,000 in 2018/19 but didn't report it In 2020/21 I made a £13,300 gain I need to report the 2017/18 loss within 4 years - so by April 2022. So I intend to send a letter to report the details of the £6,000 imminently. I now need to fill in my self assessment, not knowing whether those new losses will have been "logged" by the time the SA is processed. The way I see it, there's 2 options: - Option 1 Submit SA and ignore that £6,000 for now. Then use "losses brought forward and used in-year" of £1,000 (to take gain down to £12,300) and "losses available to be carried forward" of £1,000, being the unused remainder of the £2,000 losses declared 10 years ago. Then in future, use the £7,000 value (the remaining £1,000 and the "new" £6,000) on the assumption that the report will have been processed at some point. Option 2 Submit SA and assume that the £6,000 will have been processed. The "losses brought forward and used in-year" would still be £1,000 to reduce the gain, and "losses available to be carried forward" would be £7,000. My worry is how the overlap will be handled. If I do Option 1, where I've "carried forward" £1,000 - is there a chance that this could wipe out the declaration of the £6,000 if that does get processed before the SA? Similarly if I do option 2, but the other report hasn't been processed yet - could I be pulled up for carrying forward losses that haven't yet been officially declared? I may be over thinking this, but not knowing exactly how these figures are stored in the HMRC systems it's hard to know what is the correct way to handle it. Thanks
Posted Tue, 02 Nov 2021 11:57:50 GMT by HMRC Admin 10

If you send in the details for the losses for all the years then this will be looked at for carry forward.

Unfortuantely you cannot claim a loss carry forward before we have been advised of them.

If it is a paper return that you are submitting, you can submit this just now without the offset of the losses.

As any payment generated from this is not due until 31st Janaury, you can wait until your losses are noted and then amend the return prior to the January date.

If you are doing your return online then there will still be time to submit the losses in writing and have them available for the January deadline.

If you are submitting through the capital gains online real time tool then again you can submit just now without the losses and then amend this once they have been reported. 


Posted Tue, 09 Nov 2021 23:09:53 GMT by groucho123
Hi, thanks. A quick follow up to this. According to this link: - I can write at one of the following addresses: - Capital Gains Tax Queries HM Revenue and Customs BX9 1AS United Kingdom HMRC Direct BX5 5BD United Kingdom The first being CGT Queries - the second being CTG Payments. Can you confirm which is the correct address please to report losses, as it is neither a query nor a payment. Also - what is the expected turnaround time to confirm they have been recorded? Thanks
Posted Wed, 10 Nov 2021 17:59:37 GMT by HMRC Admin 10

You would write to the first address :

PAYE and Self Assessment,
BX9 1AS.

Post is dealt with in date order.

No timescale can be given until the post is received.

You can then contact us to check the status of the form.

Self Assessment: general enquiries


Posted Thu, 13 Jan 2022 18:24:45 GMT by groucho123
Hi So following on from the above - I sent my letter on 11/11/2021. It was signed for according to Royal Mail tracking on 15/11/2021. I have heard nothing since, and am tying to complete my return. I have called HMRC today, and after 45 minutes on hold have been advised that, despite having proof of delivery, there is no record of it having been received, and there's nothing they can do unless I send the letter again - and it might get processed some time in February - clearly no use to me given the deadline is the end of January! Firstly, is there no way to email this and fast-track, given it's been lost through no action of my own? If not, then from the example in my original post, as the letter has been lost, I'm going to have to go with "Option 1" and only use the already declared carried-forward from several years ago. What then will happen now when my letter is processed after the deadline date? Will the losses available for future years be correctly accounted for, despite the "starting" value now changing (as I'll have used some of it in my 2020/2021 submission)? Also - the losses I'm declaring from 2017/2018 - will they still be valid assuming this is processed before the end of this tax year (provided the letter isn't lost again!?) Thanks
Posted Mon, 17 Jan 2022 12:41:08 GMT by HMRC Admin 19

As long as you have sent us in the details of the loss then you can use these on your return prior to these being acknowledged by ourselves.

If you have the recorded delivery reference number then please contact us direct as we should be able to trace the post from this. 

Thank you

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