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Business losses/CGT

Can business losses be offset against a previous year's Capital Gains Tax payment?

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If someone sold an overseas property during 2017/2018 and paid Capital Gains Tax on the profits made from that sale, would he/she be able to offset business losses for 2018/2019 against last year's payment and claim a refund?

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RLI
By lionofludesch
29th Jan 2020 13:56

I vote no.

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By Accountant A
29th Jan 2020 14:08

I vote you ask your accountant.

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By Matrix
29th Jan 2020 14:08

Potentially. I think if there is insufficient taxable income to use the losses carried back then they can be converted to capital losses. Although you may waste the personal allowance so it depends on the amounts involved and there is a limit.

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Hallerud at Easter
By DJKL
29th Jan 2020 14:09

What business?( Not every business is a trade.)

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Lone Wolf
By Lone_Wolf
29th Jan 2020 14:41

Did this business make losses by giving away it's product for free by any chance?

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Replying to Lone_Wolf:
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By Tax Dragon
29th Jan 2020 15:39

I agree. But knowledge that something is possible (there's not enough info to say, in this case, but that's not the point) is not knowledge as to whether it is sensible. I'd say that's where the fees are earned.

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