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Posted Tue, 16 Jul 2024 17:32:48 GMT by Dane
I have had day trading losses of around £400 so far. I have traded forex, crypto, options, futures on multiple brokers. I don't plan to make any more trades and I must have made at least 100 trades. I believe I can use these losses to offset profits in the future but I can declare these losses in the future. Do I still need to complete a self assessment unless I plan to declare these losses? Thanks
Posted Thu, 18 Jul 2024 16:51:44 GMT by HMRC Admin 20 Response
Hi,
You do not need to report them at this time unless the actual disposals were in excess of £50,000.
You do need to report them within 4 tax years if you want to use them at a later date and you can do this by sending a letter to
HMRC,
PAYE & Self Assessment
BX9 1AS
Thank you.
Posted Thu, 18 Jul 2024 17:26:37 GMT by Dane
Is that if you are registered for self assessment? When reading the requirements, it says that both must apply. So if I am not registered I wouldn't have to report it right?
Posted Tue, 23 Jul 2024 10:14:34 GMT by HMRC Admin 19 Response
Hi

Reporting capital gains losses to HMRC is entirely optional, there is no requirement to report capital gains losses. If you choose to report the losses, for example to carry them forward to a future tax year to set against a future gain, then this is done in one of two ways. Where a tax return is required, you would declare the losses in the capital gains section of the tax return for the tax year that the losses arise.  

If a tax return is not required, then you claim the losses in writing to:

H.M. Revenue and Customs,
Pay As You Earn,
BX9 1AS 

Both methods will require the inclusion of supporting evidence. You have 4 years from the end of the tax year in question, to claim for losses.

Thank you.

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