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Posted Sun, 18 Dec 2022 21:56:34 GMT by Adrian
Hi all, I was wondering if I can get some clarity on crypto losses that can be offset from tax. As per the below: Capital losses on cryptoassets can be used against other capital gains made in the same year or carried forward indefinitely. Does this mean losses can only be used against capital gains? Is there a way to have them used against personal income tax? Should I decide to sell my crypto and thus realize a loss, is there any other avenue to recoup the losses?
Posted Wed, 21 Dec 2022 15:19:44 GMT by HMRC Admin 32

Capital losses cannot be set against your normal Income Tax.

They can only be set against capital gains in the same year or carried forward until such time they are needed.

Thank you.

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