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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Selling shares that are negative to off set the Capital gains

Resolved Question:

Selling shares that are negative to off set the Capital gains payable on the sale of a property.
I am not clear if there is a difference, if the Shares are sold the Tax year before the property is sold, and when the shares are sold in the same tax year.
Can you please explain.
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. First, you work out your net gains for the most recent tax year, ie gains less losses. These can be a mixture of property and shares gains and losses. If you have unused capital losses brought forward, you only need to use sufficient of those to bring your gains down to the level of the annual CGT exemption. It doesn't matter if the gain is on a property and the losses are on shares. Take a look here for information on Capital Gains Tax: https://www.gov.uk/capital-gains-tax I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
I have looked at .gov.uk/capital gains.but it is not clear.
The question was is there a difference if the negative shares are sold the previous tax year, that the property is sold .
than if the negative shares are sold in the same tax year as the Property that has Capital gains to pay.
You did not answer this?
Expert:  TonyTax replied 1 year ago.
There is no difference. That's why there is no mention on the .gov site.
Customer: replied 1 year ago.
Thank you.
Expert:  TonyTax replied 1 year ago.
Thanks.
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