Reporting Capital Losses Carried Forward

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During the early 2000s, a client made significant capital losses on share disposals. Corresponding computations were prepared and submitted via Self Assessment. on all subsequent SATRs, these losses have been mentioned each year under the general 'any other' / 'additional information' as being available, unused and therefore available to carry forward.

I would really appreciate some feedback/ confirmation that these losses have been appropriately recorded on the SATRs and that they are available to be utilised against any future gains (on property disposals which are anticipated imminently); want to ensure I have not missed anything....apologies if a little basic - seems an HMRC admin issue as much as a technical one, but could not find categorical confirmation.

Replies (6)

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By ireallyshouldknowthisbut
02nd Jan 2020 17:46

What makes you suspect they have not been reported correctly?

The note on the return is just a note so they don't get forgotten about. The real issue is the initial declaration.

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Replying to ireallyshouldknowthisbut:
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By Jamster
02nd Jan 2020 20:10

Thank you, I believe that the initial computation was correctly reported on the relevant return, together with a clear note that the resultant loss was available to carry forward; I will endeavour to locate the original return/ documents.

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Replying to Jamster:
RLI
By lionofludesch
05th Jan 2020 09:38

Jamster wrote:
...I will endeavour to locate the original return/ documents.

What for ?

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Replying to lionofludesch:
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By Jamster
05th Jan 2020 15:21

I have Located the original submissions as ‘irsktb’ indicated this was the key issue.
The CGT pages attached to the submitted 2003/04 SATR show all transactions concluding with the “carried forward losses of 1996/97 and later years” at box 8:20 on page CG8.
So, I am just looking for confirmation that these losses shown are available to utilise whenever a capital gain arises in the future (?). It seems fairly clear to me that they should be &, apologies if seems basic as originally mentioned, but any feedback would be greatly appreciated.

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Replying to Jamster:
RLI
By lionofludesch
05th Jan 2020 16:01

Only death, a change in the law or forgetting about them will prevent you from claiming these losses.

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Replying to lionofludesch:
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By Jamster
06th Jan 2020 16:19

Many thanks, lionofludesch, for taking the trouble to reply; I was fairly sure this was the case, but could not locate any HMRC clarification on following exact procedure.
So, thanks for putting my mind at rest!

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