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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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After a few years of unsuccessful share dealing losing £100k

Customer Question

After a few years of unsuccessful share dealing losing £100k over a number of years. I am now investing in property hoping for better luck. Is it possible to offset my previous capital losses against potential future capital gains? If so how many years
can they be carried forward and how do I actually work out how much I've lost.?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.
You can use losses from previous tax years but you have to have registered them with HMRC within four years of the end of the tax year in which they were incurred either through your self-assessment tax return or by letter to HMRC.
When you use losses from earlier tax years, you only need to use so much of the losses brought forward as is necessary to reduce the gains to the level of the annual CGT exemption.
Take a look here for information on how to work out gains and losses:
https://www.gov.uk/tax-sell-shares/work-out-your-gain
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323675/hs284.pdf
I hope this helps but let me know if you have any further questions.

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