I understand that the income tax year in the UK goes from April 6th 2013 to April 5th 2014.
During that period, I incurred in Capital losses but no capital gains. On my tax return file I must provide that information (capital losses) lets say for example £5000
If I will be selling my shares during the period between April 6th 2014 till April 5th 2015, I will be incurring in capital gains, let's say for example £20000
As I read somewhere, I can offset or carry capital losses from previous tax periods. So on my next tax return, Would I be able to file my losses and even have a annual Capital gain allawance?
Would the calculation be as follows:
Capital Gain 2014/2015: £20000
Unused capital losses 2013/2014: £5000
Capital Gains allowance 2014/2015: £11000
Taxable Capital gain for 2014/2015: £4000
Is this calculation correct? Would this be what I should be filing on my tax return before the end of 2015? (off course, assuming that I am a UK resident during 2014/2015 and liable on a arising basis)