Captain gains losses

Hi, I have an overall capital gains loss of approximately £6k. I do not want to register the loss as I have no intention of investing again as this was a loss of inheritance and I have no knowledge/experience of investments. I have never been registered for self assessment but the disposal proceeds were over £50k. Am I correct in saying I don’t have to report the losses as the website states that capital gains/losses must be reported only where BOTH the proceeds are over £50k AND if you are already registered for self assessment? “ You still need to report your gains in your tax return if both of the following apply: • the total amount you sold the assets for was more than £50,000 • you’re registered for Self Assessment These rules apply from the 2023 to 2024 tax year onwards.”

Hi Weewillamena,
If you have to complete a Self Assessment tax return for any other reason and the disposal value is £50000 or more, you need to declare the disposal in the tax return.
You can only claim for loss relief up to 4 years after the end of the tax year the loss arises, after that it is too late to claim losses.
Thank you. 

 

Thank you. No there is no other reason to register for self assessment. I completed the questionnaire online and there is no requirement for me to register and I have never been registered for self assessment in previous years either.

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