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carrying forward capital losses

carrying forward capital losses

where you make a capital  loss in say 2003/04 and included the loss in return for that year then have no other cgt transactions to report should the loss be brought forward and carried forward each subsequent year

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06th Nov 2015 19:05

The carry forward is automatic so there is no need to include the CG pages (SA108) with details of the loss unless you are completing the capital gain summary anyway. If in any year you do include the CG summary pages, include the brought forward loss and use it or carry it forward appropriately. You must use the loss against the first available gain (after using any losses for the relevant year).

Unlike a current year loss (which must be used in full against a current year gain), a carried forward loss need only reduce any remaining gain to the AEA, so if there are disposals in a year that are below the reporting threshold and the gain is below the AEA then there is no use for the losses and so no need to trigger a CG summary page. Obviously if there are further net losses in a year you will want to include the CG summary page to claim the new loss and add it to the carry forward.

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07th Nov 2015 15:24

many thanks Tim

that is very useful - I was confusing with a case where the initial losses were not recorded at all and missed the 4 year window

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