deathandtaxes21

On my 23/24 tax return I included notification of a capital loss (occurring in the 22/23 TY). Should I expect to receive any form of notification that it has been registered/noted ? Should it be visible in my HMRC account anywhere? I am expecting to have to register a capital gain in the next few months for which I want to utilise the offsetting loss. Hence my interest.

Hi, It is possible that I will incur a residential Property capital gain later in the 24/25 tax year, greater than the CGT AEA. I took a loss (not yet registered with HMRC) on an investment in the 22/23 tax year. This was a total loss of SEIS shares when the relevant company went into liquidation. The investment was more than 3 years ago, and at the time I took the 50% allowable investment relief against income tax. Thus leaving me with a 50% loss on company liquidation. I had no CG in either 22/23 or 23/24, so the loss would not be deemed to have been used for offset. Providing I declare the loss, I believe I should be able to use it. Q1 I understand that SEIS losses can be offset against either income or CG. Is that choice at the discretion of the taxpayer ? Q2 If used to offset against income tax, I believe that has to be for either the tax year of the loss, or the prior year ? Is that correct ? Q3 Given the gain is residential property whereas the loss is another asset class, is the loss relief still pound for pound ? i.e. net gain = gain - loss (all other things being equal) i.e. you do not have to adjust pro-rata in accordance with the differential CGT rates for the different asset classes. Q4 When and how do I declare the loss on the prior SEIS investment ? Could I do that immediately, or can/should I wait for completion of my 23/24 Self Assessment return (assuming I file that before I need to complete a CGT return for the property).