How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Tax Question Here...
TonyTax is online now

Dear Sir,I am a Director of a Limited Company,and during this

This answer was rated:

Dear Sir,I am a Director of a Limited Company,and during this Current Tax year,I have made a Capital Gain of £56,248.My questions are;
1.The Company has accumulated Trading Losses brought forward. Am I right in stating these cannot be off-set against the above Gain?
2.During this Current Tax the Company has Trading Losses,can these be off-set against these Gains?
Your assistance would be appreciated.


Can you tell me whether it was you who made the capital gains as an individual or the company which made the capital gains please.

Customer: replied 3 years ago.


The Company made the Capital Gain,



Leave this with me while I draft my answer.
Hi again.

1 The accumulated trading losses brought forward cannot be offset against the capital gains made during the current year.

2 You can offset trading losses against capital gains made in the same accounting period. Take a look here and here for more information.

I hope this helps but let me know if you have any further questions.
Customer: replied 3 years ago.

Hello there,many thanks for your answer.

It leads me to another point, can compensation for loss of office be paid to a Director,if the Company has made a loss?

Yes, it can. There are plenty of companies which shed staff in lean trading conditions and which pay compensation for loss of office. I'd be careful if you are a one man company, however. HMRC may attack what it perceives as an excessive "redundancy" payment.
TonyTax and other Tax Specialists are ready to help you