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Posted Tue, 20 Jul 2021 18:39:39 GMT by Andre Balleyguier
Hello, I made a Capital Gain loss when disposing of an asset in the year 2017-2018. I did not declare the loss on that year's assessment. I did not get any total capital gains above the allowance on the tax years following this loss, so I did not include the Capital Gains section of the self-assessment (ie Capital Gains not reported in 2018-2019 or 2019-2020). Since I can report losses up to 4 years later, but I can't amend the 2017-2018 online, do you confirm that I need to write a letter to HMRC to notify of the loss during tax year 2017-2018, along with calculations? How will the loss be carried forward for subsequent years? Do I need to amend the following self-assessments (2018-2019 and 2019-2020) and indicate the loss amount to be carried forward, even though I didn't need to submit the Capital Gains section since I had no capital gain above the allowance on those? Or can I bring forward the loss only when I need it in the future without indicated it's carried forward every year?
Posted Fri, 23 Jul 2021 13:57:44 GMT by HMRC Admin 25
Hi,

Yes, if you send us a letter with the relevant details of the loss then we can note this on your records so that it is available for carry forward against any future gains.

Any subsequent returns do not need amending unless you were planning on utilising the loss in those years. 

Thank you 
Posted Sat, 26 Mar 2022 14:05:43 GMT by Nigel Hoult
Hi, I'm in a similar but slightly different position. In 2019/20 I made some capital gains in excess of the £12000 allowance and also some capital losses which were more than enough to reduce the net gain to £12000. All were reported on my tax return, but I omitted to fill in the box stating the amount of losses available to be carried forward. In 2020/21 I made gains below the exempt amount as well as some losses. In 2021/22 I anticipate that my gains will exceed £12300 and I will make no losses in that tax year; I would therefore like to carry forward the unused loss from 2019/20 to reduce those gains to £12300 (leaving some to be carried forward further). However, I cannot amend the 2019/20 tax return online to fill in the "losses to be carried forward" box. Is it necessary for me to send a letter requesting this correction, or is the fact that the losses were correctly declared on my tax return for that year enough?
Posted Mon, 28 Mar 2022 12:30:42 GMT by HMRC Admin 17

Hi,
 
You do not have to report losses straight away - you can claim up to 4 years after the end of the tax year that you disposed of the asset.

As you are unable to amend the 19/20 form online, you can send a letter to confirm the loss to carry forward from 19/20 year, this information
will be stored as a reference to your brought forward losses into 21/22 tax year.

See link:

Capital Gains Tax   .

Thank you.
Posted Thu, 09 Jun 2022 19:51:17 GMT by Yakov
Hello, in the tax year 2018-2019, 2019-2020, I received losses from activities with crypto assets. In 2020-2021, 2021-2022 I made a profit of no more than £12,000. How can I carry forward losses for 2018-2019, 2019-2020 to future periods. Can they show up on my 2021-22 tax return or do I need to send a letter? If this can be displayed in the tax return, tell me in which section? If you need to notify by letter to what address? Thank you.
Posted Fri, 10 Jun 2022 13:30:54 GMT by HMRC Admin 2
Hi,

You can find guidance on losses from cryptocurrency here:

CRYPTO21300 - Cryptoassets for individuals: Income Tax: IncomeTax losses

Thank you.

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