CGT Losses

CGT Losses

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Can CGT Losses be carried back

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By EASy
02nd Jun 2015 13:02

Well...
Sometimes.

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Replying to Matrix:
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By Krustytheclown
02nd Jun 2015 13:25

Client had a large capital gain 2008 Tax Year & has a large capital loss in 2015 Tax Year, 

 

Am I correct in thinking that this loss cannot be carried back to 2008 Tax Year

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Head of woman
By Rebecca Cave
02nd Jun 2015 14:50

Unless he dies or loss is from realised earn-out

Capital losses cannot be carrried back, except for losses made in the year of death, when they may go back three years. So 2008 is out of reach.

A loss made on the realisation of a right  such as an earn-out, may be set against the taxation of the original earn-out right. See chapter 3 of the Bloomsbury Professional core tax annual on captial gains tax. The 2014/15 vedition has enough detail.

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