Afternoon all,
Can anyone advise please? For the 14/15 tax year I have a chargeable gain which is above the CGT allowance. I also though have a loss arising in the same period which means the overall net gain is below the CGT allowance for 14/15. What should be reported to HMRC? (The loss will be completely extinguished by the gain so nothing remaining to carry forward to future periods). Thanks
Replies (6)
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Capital Gains
I suggest you read the CG summary notes issued by HMRC which set out under what circumstances you have to report.
The notes can be found at www.gov.uk/publications/self-assessment-capital-gains-summary-sa108 and are pretty clear.
Hard to say from your information you give as to what the answer is.
Phil
capital gains pages
The HMRC capital gains notes (SA108 Notes) suggest that you do need to complete the capital gains pages where chargeable gains before taking off any losses exceed the £11,000 annual exemption.
Although it's not specifically stated, I assume that any losses includes losses arising during the year as well as any unused losses brought forward.
capital gains summary notes
I have no idea how to post a link, but try searching for "SA108 notes" on the Gov.UK website.