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Sam, I sold some shares in 13/14 Tax year and know that

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Sam, I sold some shares in 13/14 Tax year and know that I made a loss which I want to claim, however I cannot remember the purchase price of the shares and the original paperwork is possibly in storage which I cannot access before my return is due to be submitted. I'm hoping I still have the original paperwork as it was 15 years ago when I bought them. Can I claim the CGT loss in my next 14/15 return instead when I can check and have the figures? eg as if I had forgotten to include in 13/14?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Thanks question and asking .
You can only claim the loss in the tax year in which they arose (so the tax year in which the shares were sold) but I would submit the return now, so you meet the 31st Jan deadline and then amend the tax return as soon as you are able just to advise this loss, which you can then carry forward to offset against any future gains.
Thanks
Sam
Customer: replied 2 years ago.

Do I submit without the CGT section and then amend in the next few months? If I submit online, does it allow me to amend it later and will there be any penalties it?

Expert:  Sam replied 2 years ago.

Thanks response
Yes- submit it without the Capital gains section and then amend in the next few months and no there will be no penalties as this will not result in any additional tax being due (it will just be a case of reporting the loss and request its carry forward to 2014/2015)
Thanks
Sam
Customer: replied 2 years ago.

Ok, thanks Sam. I want to double check, once I claim a loss in one tax year and then in the next tax year if I don't have any CGT gains or losses to declare, I don't need to create CGT section just to carry forward previous losses?

I asked the HMRC helpline this question a couple of years ago and they said no need to submit CGT section if nothing to declare as previous losses would rollover but thought I'd better check this with you.So the key point is that as long as I have declared the loss and added it to previous losses, it is there to offset against whenever I have a future CGT gain but I don't need to keep carrying it forward?

Thanks again help.

Expert:  Sam replied 2 years ago.

Thanks response
In essence yes - and whilst HMRC to an extent have advised correctly that there is need to declare the loss each year to carry forward., failure to do so often sees the loss being missed in later years, with no evidence to back up its original claim, so ALWAYS ask be carried forward - either through self assessment if tax returns are completed OR via written request of self assessment no longer asked of you.
But you do not have to complete the capital gains page in any year when there are no further gains (or losses) you can just ask figure to be carried forward on the additional information section.
You DO have to keep carrying it forward - as the onus is on you to prove this is in future years as HMRC are not reliable in keeping that sort of important information, its up to you to make sure it stays fresh within HMRCs radar each year, until such time you wish to use it to offset against a future gain.
Thanks
Sam
Sam, Accountant
Category: Tax
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Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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