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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Dear Sir,I am a Director of a Limited Company,and during this

Resolved Question:

Dear Sir,I am a Director of a Limited Company,and during this Current Tax year,I have made a Capital Gain of £56,248.My questions are;
1.The Company has accumulated Trading Losses brought forward. Am I right in stating these cannot be off-set against the above Gain?
2.During this Current Tax the Company has Trading Losses,can these be off-set against these Gains?
Your assistance would be appreciated.
David
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.

Hi.

Can you tell me whether it was you who made the capital gains as an individual or the company which made the capital gains please.

Customer: replied 2 years ago.

Hello,

The Company made the Capital Gain,

David

Expert:  TonyTax replied 2 years ago.
Thanks.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 2 years ago.
Hi again.

1 The accumulated trading losses brought forward cannot be offset against the capital gains made during the current year.

2 You can offset trading losses against capital gains made in the same accounting period. Take a look here and here for more information.

I hope this helps but let me know if you have any further questions.
Customer: replied 2 years ago.

Hello there,many thanks for your answer.

It leads me to another point, can compensation for loss of office be paid to a Director,if the Company has made a loss?

Expert:  TonyTax replied 2 years ago.
Yes, it can. There are plenty of companies which shed staff in lean trading conditions and which pay compensation for loss of office. I'd be careful if you are a one man company, however. HMRC may attack what it perceives as an excessive "redundancy" payment.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15757
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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