J Patel

Hello, I have accrued Capital Losses that were declared through the CGT section of my tax returns and have so far remained unused against any gains, When I am called to permanently leave this planet and HMRC jurisdiction I understand HMRC will want to see one last calculation and have a potential IHT claim on my assets from my executor. My question is the capital loss on my HMRC file deductible or allowed against IHT please? If the losses can indeed be used in some way to offset against any IHT, does HMRC automatically take the capital losses allow the losses in the final IHT bill or does the executor get some pointers to deal with as part of the probate procedures? If theses nothing about capital loss on file in the probate procedures and HMRC does not "automatically" do anything with the capital losses on file as part of the probate process, then it seems I would need to keep a note with my Will for my executor to obtain the capital loss figure on file from HMRC for use in the estate, is that a valid statement? Thank you

this thread started off with the statement " ...I read about forex trading being tax free in the uk...." . This requires further clarification I think. My understanding is if forex trading gains were made through spread trading or spreadbetting that these gains are classed as "gambling" returns and therfore the profits do not need o be delared as they are "tax Free". This is where the forex trading being interpreted as tax free comes from in the UK. This then leads to the subject of losses and my understanding is forex trading carried out using a spreadbetting broker platform were not claimable as a loss as equally to the gains these would be classed as a gambling loss and therefore would not be classed as a normal trading loss? Is my reasoning valid? I understand also if one has no other source of income and be fortunate to be able to trade the forex profiably through spreadbetting then the HMRC has a provision to be able to tax such gains as income? Is this true please? Thank you