Capital Gains Tax 2023-24 – loss to be carried forward; share of investment club losses

I wrote to HMRC with my query several months ago. A recent telephone call confirmed that they had received the letter but would not be replying for some time yet. I think the query is a simple but despite trawling both HMRC help pages and general articles I am unable to get to the bottom of the matter. The query is as follows: I suffered an overall loss in 2023-24 which I understand can be carried forward to be set off against future Capital Gains in certain circumstances. My letter to HMRC gave details of the losses and gains. One transaction was a partial sale of a holding, several holdings were full sales; another was my share of the loss as reported to me by an Investment Club of which I am a member. I would want to carry forward the overall loss to a future tax year when, which given the reduction in the Capital Gains Tax allowance, I may find to my advantage. I am confused about the four year rule; and when and how I should report the loss to HMRC so it can be noted. I attempted to report the gains and losses via a Self-Assessment return but couldn’t find out how to report my share of the Investment Club loss as there has not actually been a disposal on my part as such. I realise the deadline for online returns is 31 January but I just want matters done and dusted. Any help anybody can offer would be gratefully received.

Hi,
If you have no need for a tax return, you can report your losses in a letter and provide a computation for your figure.
For the investment club, you can see guidance here:
CG20600 - Investment clubs
Thank you.

I do have a need to file a self-assessment return. The deadline for a paper return is only days away. I have filed recent returns using the online facility and would hope to be able do so again well within the deadline of 31 January 2025 but need HMRC’s guidance. I still have not received a response to my letter to them re CGT sent in June. They have confirmed they have it. I am well aware of the various HMRC manuals. I have used some in a professional capacity. I did do some research before making enquiries of HMRC. Everything I found addressed the responsibilities of investment club officials to advise members of their share of any loss. The guidance I am referred does not help me complete my tax return – it just tells me what I must show on a self-assessment return, not how it should be reported. My letter to HMRC provided full details of disposals: holding; date holding started, cost, date of sale, disposal proceeds, gain/loss. I advised HMRC of my share of the investment club loss, but I am not in a position to provide details of cost, date of sale, disposal proceeds. There has not actually been a sale as such, it is my share of the losses incurred on sales by the club. I did consider submitting the return and attaching a pdf copy of my letter and computation to HMRC. But my understanding is that I would still need to complete the section ‘Capital gains worksheets’. As I have tried to explain completion of the worksheets for all but one of the holdings (the investment club) is a straightforward matter. What I need to understand is how to complete a worksheet for an investment club loss. All the boxes need completing but as I have tried to explain I do not have the required information. The club will not help beyond telling me of my share of the loss and reminding me of the need to keep records and report to HMRC if necessary. I am sure that I cannot be the first person with this query. So I am puzzled as to why I cannot readily find the answer. It would not be cost effective to seek professional advice.

Hi,
You do not need to complete the worksheet on the retutn and you can attach your own computation as a PDF file. For details already sent and awaiting confirmation, you can contact our Income Tax team to chase this up to allow you to file with the correct level of losses.
Thank you.