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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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I incurred a loss of £130,000, investing in US Tech stocks

Resolved Question:

I incurred a loss of £130,000, investing in US Tech stocks between 2000 and 2005; all of the stock was purchased in 1999/2000 and sold between 2000 and 2005.
Do HMRC have any time cutoff to offset these losses against future capital gains?
I have recorded these losses each year on my Self Assessment Tax Return, as they crystallised between 2000 and 2005 and have noted them each year on my self assessment return, but it is only now that I am likely to have capital gains to offset against these losses
I AM SELLING A UK buy to let property which I acquired in 2000 for £65000, for a price circa £180000.
My questions will I be able to offset the loss on Stock investment against the Capital gain on the Investment Property
Submitted: 9 months ago.
Category: Tax
Expert:  TonyTax replied 9 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 9 months ago.

So long as the capital losses were reported to HMRC within four years of the end of the tax year in which they incurred, then you can use them against capital gains made in the future. There is no time limit by which they need to be used.

I hope this helps but let me know if you have any further questions.

TonyTax and other Tax Specialists are ready to help you
Customer: replied 9 months ago.
What level of detail will I need to provide to HMRC, will it need to be at transaction level . I have provided a summary each year 2000 to 2005 detailing losses incurred on sales. I have never had any feedback from HMRC.
Expert:  TonyTax replied 9 months ago.

If you still have the calculations of each loss, I'd submit those with the tax return for the tax year in which you wish to use the losses.

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