Can Foreign capital gains be offset against foreign capital losses.

Hello, I trade in US stock market with a UK stock broker and claim remittance basis of taxation. Can I offset capital loss from one US stock (foreign asset) against capital gains from another US stock. Both gains and loss happened in same financial year. Is offsetting foreign losses against foreign gains (not UK gains) allowed?

Hi,
Yes.  
You can then work out your gain, to report under the remittance basis in box 35 and 40 of SA109, page RR3 (Resideence, remittance basis etc (2024)).
Thank you.

Hello, Thank you for the response. Is setting off foreign losses against foreign gains allowed even if I have not made a election for foreign loses in the first tax year of claiming remittance basis? (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg25330a)

Hi,
Please have a look at CG25330A (CG25330A - Remittance basis: election for foreign losses to be allowable: TCGA92/S16ZA) which states that you must make an election in the first year you claim the remittance basis & in which you are not domiciled in the UK for foreign losses to be allowable.  
CG25330A clearly advises that the effect of S16ZA is to prevent foreign losses being allowable unless an election is made (you become allowable under S16 TCGA92).
It also advises the time limits under S42/43 TMA70 for making a claim.
Thank you.