Andrew Gardner

Hello, Can I please clarify the rules about assigning a loss, I am aware, per HS286, that you are able to assign a share disposal against income within the year of that disposal and the tax year previous. For example, if I had a £20,000 loss in 23-24, is it possible to assign this loss against income in 22-23 and 23-24 in any way irrespective of the income in these years (say, for arguments sake, that the taxable income was £50,000 in both of these years). For example, could one assign £5,000 to 22-23 and £15,000 to 23-24? Thank you Andrew

Thank you. Things are becoming clearer now. I have reviewed RDRM32060. It states "losses arising on the disposal of a foreign situs asset will be allowable losses if that individual is deemed domiciled in the UK for the year". Therefore, for the sake of absolute clarity, this suggests that a foreign disposed share asset from a UK domiciled individual, and deemed to pay tax on that asset in the UK, would not be excluded for consideration as competent NVC, as long as they meet the other criteria. And therefore, if deemed a competent NVC, could be claimed against income as per HS286. Is this correct?

Thanks, I did think the previous admin comment was incorrect. Can I just clarify, though, in principle, can a non-UK listed shareholding be eligible for a NVC? And secondly, what is the number of retrospective years an income tax discount can be applied to? HS227 referenced above suggests four years: the year of the claim... "and in the 3 prior years" vs. other documents on NVC (HS286) say that it can be backdated up to two tax years, inclusive of the year you claim it. Which is it?

Thanks. And for clarity, for said shares within an ISA, how do you "use" losses in future tax years if they are not subject to capital gains?

Hi, I appreciate that perspective but in many ways this is a general enquiry that doesn't have a clear answer within the guidance I have carefully considered. Specifically, can I ask the general questions: Can a non-UK listed commerical shareholding which are now a negligible value be used for a NVC? I will presume from the guidelines that if something is accepted as a NVC it can be claimed against income. If so, if such a shareholding is held within an ISA, is it still possible to claim a NVC and to be claimed against income tax? I can't see any reference to such a scenario within the guidelines Thanks If so,

Name removed admin .

As a follow-up question to the above, and assuming that (1) & (2) are correct, could this also include such shares that are held within an stocks & shares ISAs? Evidently such shares would not incur CGT within an ISA so could not be counted as a capital loss, but it isn't clear whether you can claim this against previous income if a NVC is successful? Thanks again

Hi there, I have a couple of US-listed commercial company shareholdings which now have a negligible value (e.g. 99% loss). Can I please ask: 1. Is it is possible to make a NVC on such a holding? 2. If so, is it necessary for such companies to be dissolved to fulfill the criteria, or can the share value just be reduced to a negligible value? 3. If NVC possible, and claimed within the 23-24 tax year, can this be claimed against income tax for this year? 4. Further, if the value of the losses exceed income tax of this tax year, can they be carried back to previous tax years per HS227 Losses to the previous 3 years? 5. If value is greater than this year and the previous 3 years, can it be carried forward to future income tax years? 6. If not, then can the residual be retained as a capital gains loss for future years? [7. If NVC does not apply and/or you cannot offset against income, I assume you could still dispose of the assets per their sale (realising the negibile value and therefore loss) and use it as a capital loss for future years?] Thanks so much