Em.

Hi, My understanding is that accrued interest paid when buying gilts can be offset against the income (coupons) generated by these gilts. However, where the interest period spans the tax year, am I correct into thinking that the losses coming from those accrued interests are not allowed until the interest is taxed in the following tax year ? As an example, if the interest period for a gilt was from end of October 23 to end of April 2024 and I bought this security in let say January 2024, I am correct into assuming the accrued interest loss coming from this purchase would be offset against the income from the coupons paid during the tax year 2024/2025 (and not 2023/2024 despite the fact the bonds were purchased during the 2023/2024 tax year) ? Thanks