usa investment losses

From about 2003 to 2008 I had an investment in the US.

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From about 2003 to 2008 I had an investment in the US. Ultimately it ended in a loss for me but I’ve never recorded those losses with HMRC. I have paperwork to document my investment and I completed US tax returns for the period.

If a new investment overseas becomes profitable would I be able to offset my previous losses against any gains?

Replies (8)

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By David Ex
19th Jan 2024 17:32

Suspect not but more details would confirm.

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By FactChecker
19th Jan 2024 18:39

What does "I’ve never recorded those losses with HMRC" actually mean?
Did you submit tax returns that omitted this information, or did you make no returns?

Anyway as, reading between the lines, the loss crystalised back in 2008 ... how do you think this might be relevant to future gains that you've not yet made?

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Replying to FactChecker:
By Ruddles
20th Jan 2024 11:32

Well, if the (allowable) loss had in fact been reported to HMRC, do you not consider that it could have been carried forward against future gains, without time limit?

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Replying to Ruddles:
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By FactChecker
20th Jan 2024 11:41

Rather dependent on many other factors (including your 'allowable' caveat) of which we've not been apprised.

My main point was that an 'incomplete' return may have different consequences to the 'absence of' a return. But, whilst I may well be wrong (not having elected to delve into this fully), I was under the impression that there were conditions to whether a loss can be carried forward 'without time limit'?

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Replying to FactChecker:
By Ruddles
20th Jan 2024 12:09

There are conditions - the loss must be claimed within 4 years

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Replying to Ruddles:
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By FactChecker
20th Jan 2024 12:15

:=)

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Replying to Ruddles:
By Ruddles
20th Jan 2024 13:12

For avoidance of doubt, claiming/reporting the loss is not the same as taking relief for it.

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By David Treitel
20th Jan 2024 14:11

What was the type of investment? How was it owned? Was there a US entity - eg LLC, partnership, LP or C-Corp? Why was it necessary to file US tax returns?

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By David Treitel
20th Jan 2024 14:11

What was the type of investment? How was it owned? Was there a US entity - eg LLC, partnership, LP or C-Corp? Why was it necessary to file US tax returns?

Thanks (0)