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Posted Tue, 14 Feb 2023 21:55:54 GMT by parry pandian
Hi HMRC, I have some share investments in India, I made a loss of £24000 in the year 2020-21 and loss of £5000 in the year 2021-22. I am planning to hold on to these shares for some more time and plan to sell it in 2 years time. If I do make any gains at the time , will I be able to offset the loss I incurred in the years 2020-21 and 2021- 22 against the gains I make in 2024-25. How many years one can carry over the losses to offset any capital gains. thanks
Posted Thu, 16 Feb 2023 14:57:23 GMT by HMRC Admin 10
You will need to declare the losses in a self assessment tax return for 2020/21 and 2021/22 if you are required to submit tax returns for those years or declare the losses in writing.  
In both cases, you need to notify HMRC of the losses, as well as provide calculations to show how the losses arise.  
Losses can be carried forwards indefintely and set against a future gain.
Posted Thu, 02 Mar 2023 03:41:07 GMT by Damion Yates
When you say "I am planning to hold on to these shares for some more time and plan to sell it in 2 years time", does this mean your stocks only had an effective loss of £24k in value from what your at Inn your teaching platform/broker, but you hadn't activated/realised that loss by selling into currency? Is this is the case this*isn't* a recordable loss that could be used later, it's just sad watching your stock be low for a while. If you did sell but purchased the same stock back again, you'll have needed to wait for 30 days before the purchase or you're still not recording a loss due to bed and breakfast rules.
Posted Fri, 03 Mar 2023 01:57:10 GMT by Damion Yates
I apologise, voice input messed up slightly. I can't recall what I meant instead of "at Inn your teaching". To clarify, watching your stock drop in value in the broker UI means nothing, unless you realised that by selling to cash or other stock. Later, "Is this is the case" should be "If this is the case".

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