There are also guidance notes on Pages 43-44 of RDR1 here
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
thanks for your reply and reference to the Foreign Notes. This is very helpfull. Unfortunately my problem is slightly more complex.
Let's assume that I have sold 2 stocks at the same time. One with a loss and one with a gain. Taxed at source i had to pay capital gain tax in Germany on the one with a gain but as at the same time there is a loss as long the loss is higher then the gain it would be calculated against. So at the end there will be no deduction.
In addition interest from corporate bonds had been calculated against stock losses too.
The question is now how HMRC will treat this / how to flag this....
Would be great to get some additional information on that. Thx for your help in advance.
...very helpfull. I see light at the end of the tunnel. Just to be sure as I'm not a native speaker/writer let me rephrase it.
>CGT>>You net off gains against losses in the same year and report net >gains or losses on your tax return. If in your UK tax return, it results in >no gain there is no CGT payable. Any tax suffered in Germany is not >available as a relief against UK tax as the tax here would be zero.
Calculate Capital Gains against Loss of the same UK tax year (shifted 3 month against the german) is fine. That is great.
>Interest on corporate bonds.>These are chargeable to income tax in the UK and you can't offset >these against capital losses, I'm afraid.
Interest and Capital Gain could not be calculated against each other. Not great but it is as it is. So have to check what had been taxed explicit at source and not calculated against Loss on CG.
If you could just be so kind and confirm/correct if needed. Thx again for your help.
If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it.