declaring gains and losses from shares on tax return

I have 2 questions about declaring gains and losses from the sale of shares in tax returns: 1) I understand that if I make a gain up to the tax free amount (£6000 for 23/24) I do not need to declare it on my tax return as there is no CGT to pay. Do I need to declare any loss on sales of shares on my tax return? I made a loss 2 years ago but did not declare it on my tax return. If I need to let HMRC know about this, how do I do it? 2) If a gain exceeds the tax exemption amount but is brought below the tax ememption amount by a loss from a previous year, does this need to be declared in the tax return? For example, if I make a gain of £6500 in 23/24 but carry over a £800 loss from a previous year making a total gain of £5700for 23/24, do I need to still declare this on my 23/24 tax return despite the overall gain being less than the CGT threshold? Many thanks

Hi ap2048 ap2048,
1.You need to advise of losses within 4 years of the year in which they arise, this can be on a return or on a letter  
2. Previous years losses can be carried forward until such time you need to use them. If you want to use them then yes this needs to be shown on a tax return.
Thank you.

 

Hi, I have sold a proportion of accumulation units held within an OEIC Unit Trust. Dividends, which all accumulate, have been declared on my income tax return. When completing a capital gains worksheet, where do I enter the dividends reinvested relating to the proportion of units sold ? Is it within "Incidental costs of acquisition" Thanks

Hi,

That is correct.

Thank you.

Hi, Thanks for your help.

Can you clarify a point for me. I made a loss in 22/23 so no CGT was due. I did not declare this on a return. I anticipate a CGT liability for 23/24 so can I use the 22/23 loss even though I did not declare it? Can I declare the liability and carry forward the loss via the real time service? Thanks

Hi Peter Fletcher,
You need to report it so that HMRC are aware that a loss is in fact available that you can then use at a later date.
Thank you.

A further question please on my OEIC Unit Trust. My annual service fees since 2016 amount to several thousand pounds. Are these charges an allowable expense in proportion to the value of units sold in a tax year? If so, is it within "Incidental costs of acquisition" Thanks

Hi Peter Stiverson,
Please refer to as to allowable costs:
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you. 

Hi, This makes clear, thank you.