Capital gains and losses

Capital gains and losses

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I have a client who in the 09/10 tax year made a capital gain from the sale of one of his portfolio properties. In the following tax year (10/11) no properties were sold so no capital gains or losses. Now in 11/12 he sold another property and made a loss on the sale. Can this loss be carried back to 09/10 to recover some of the tax paid on the gain made in 09/10?

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By MJShone
11th Jul 2012 16:42

No

Capital losses can only be used against gains in the same year or carried forward and used against future gains. (In the latter case, you can restict the losses used to ensure the annual exemption isn't wasted.)

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