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Posted Thu, 25 Jan 2024 19:34:53 GMT by
Hi there, This query relates to my 2021/22 tax return. I'm second guessing myself and wondering if i should have declared more capital losses. Would appreciate your help. I had 3 separate sources of capital gains/losses: crypto, stocks and a members voluntary liquidation of my company Crypto Gains in the year, before losses: £69,503.22 Losses in the year: -£84,860.52 Company (members voluntary liquidation) Gains in the year, before losses: £12,275.56 Losses in the year: £0 Gains qualifying for Business Asset Disposal Relief: £12,275 I have filled out the appropriate boxes for the Business Asset Disposal Relief Stocks Gains in the year: £2,230.55 Losses in the year: £1,108.40 The overall gains in the year were £84,009.33 and the overall losses in the year were £85,968.92. When i completed the tax return, for "losses available to be carried forward" I did £85,968.92 minus £84,009.33 to give £1,960 rounded to nearest pound. I'm wondering if I only had to reduce the gains to the capital gains allowance, so my "losses available to be carried forward" are actually £85,968 minus (£84,009.33 minus £12,300) = £14,258.67. But I'm not sure if the Business Asset Disposal Relief impacts the calculation at all as the annual allowance is used in the calculation of the outstanding tax to pay at 10% for Business Asset Disposal Relief. Would appreciate if you could confirm if £1,960 or £14,258.67 is correct here for my losses available to be carried forward. Thanks in advance for your help.
Posted Tue, 30 Jan 2024 10:49:39 GMT by HMRC Admin 8
Hi,
We cannot comment on scenarios, only provide general information / guidance in this forum.  
For an answer to a detailed question of this nature, you would need to contact our Self Assesment helpline on 0300 200 3310, or seek professional advice.
Thankyou.

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