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Posted Wed, 14 Aug 2024 20:22:24 GMT by Shao
Dear Sir, I purchased Lloyds Bank shares in 2007 and 2008, worth £33k in each deal at the time. In Oct 2021 and Mar 2022, I sold out the shares and incuured a total loss of £30k. Can I use the loss to offset or reduce my year 2023/24 income tax? If I can, how to do it in my self-assessment? I have tried a few times on HMRC self-assessment website, but cannot access either box 41 ('Losses used against income – amount claimed against 2023–24 income') or Box 43 ('Losses used against income – amount claimed against 2022–23 income). Please help. Thank you. Shao
Posted Wed, 28 Aug 2024 13:29:06 GMT by HMRC Admin 5 Response
Hi

The losses can only be used against any future capital gains. They cannot be used to reduce your income tax bill.

Thank you

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