CGT gain on residential property and loss on shares

I have sold a property that was not my primary residential property, both reporting and paying tax on the gain made. I currently own some share purchased many years ago in my former employer (a USA based company) on which are valued considerably below the price that I paid for them. If I sell these shares in the same tax year as my gain on property, and report the loss in my Sell Assessment tax return, can I uses this loss to offset part of the gain on the residential property? If so how does this work with the different rates of tax applied to the gains/losses of these different asset classes?

Hi,

Yes, provided the loss and the gains are both in the same tax year. You can set the losses from the disposal of the shares against the gain from the property. CG21500 advises "Gains accruing to a person in a tax year may be chargeable to capital gains tax at different rates. Thus the tax effect of losses and the annual exempt amount set off against those gains can vary.

Subject to specific restrictions that may apply on the use of particular losses (see CG15800), allowable losses and the annual exempt amount can be deducted in the way that is most beneficial to the individual TCGA92/S1F.

Generally this will be against gains that are charged at the highest rate". 

CG21500 - Individuals: Losses: assessment

Please have a look the link below for some examples of how to calculate the gains and losses.  

CG21520 - Individuals: losses: Relief for losses: examples 1 to 5

Please also have a look at the self assessment guidance at:

Capital Gains Summary notes

Thank you.