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Posted Tue, 24 Jan 2023 05:58:12 GMT by Shira O.
I made a capital gain of £25,000 in the year of assessment 2021-2022, but in the in the year of assessment 2022-2023, I sustained a capital loss of £15,000 (all of which is not subject to the limit on Tax Relief). May I use the capital loss of £15,000 to reduce my tax liability on the capital gain in 2021-2022 by filling in the relevant details of the 2022-2023 capital loss in Boxes 3 - 6 in the Section "Other information" on page Ai3 of SA101 for the year of assessment 2021-2022? Thanks.
Posted Thu, 26 Jan 2023 12:54:51 GMT by HMRC Admin 19

Capital gains losses can only be carried forward, except where assets have been disposed of by a taxpayer in the part of a tax year before death.  

CG30430 - Death and Personal Representatives: Liability to the date of death: Losses and annual exemption

Thank you.
Posted Sun, 29 Jan 2023 21:21:39 GMT by Shira O.
Thank you for your reply. May I double check one point? Where can I learn more about the "carrying back of a loss" referred to in the last 2 paragraphs and Box A349 on Page TCSN25 of the Tax Calculation Summary Notes? It looks like that they are referring to tax relief in 2021-2022 for carrying back of a loss in 2022-2023. Does it relate to situation where the tax payer passed away in the tax year only? Would it be wrong of me to put the 2022-2023 capital loss of £15,000 in Box 16 on page TC 2 of SA110 and Boxes 3, 4 on page Ai 3 of SA101?
Posted Wed, 01 Feb 2023 12:31:28 GMT by HMRC Admin 17

Please refer to CG15800, which covers the exceptions to the general rule that Capital Losses cannot be carried back.                                                 

See link:

Capital Gains Manual .

Thank you.

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