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Mansworth v Jelley - again

Mansworth v Jelley - again

2011/12 Tax Return. Mansworth v Jelley capital losses entered onto Return and calculations attached to the Return. No gains in the year. Tax Return submitted on time and no formal enquiry opened.

Have carried the capital losses forward each year as a note in the additional info space. Assume these will still be available to set against first available gains, and that this does not fall into the HMRC guidance of asking taxpayers to withdraw capital loss claims, but would welcome confirmation please.

Thanks.

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01st Mar 2016 12:42

See Hely-Hutchinson case........Nov 2015

Taxman lost.

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01st Mar 2016 15:50

Thanks

...however, my client's Tax Return was not under enquiry so I don't think the H-H case is relevant.

Specifically, I'm looking for confirmation that a carried forward loss from M v J losses which had not been enquired into are available to set against the first available gains and are not blocked in some way.

I only ask because I have seen a recent article by Nicola Ross-Martin which indicates that losses which have not been utilised against gains are now lost.

Cheers.

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01st Mar 2016 15:58

Sorry, I can't say anything more than what Keith said in Feb 2016 of Tax Adviser.

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