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Capital Losses Carried forward

Practical Issues
Maylix
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Capital Losses Carried forward

#325838

Postby Maylix » July 13th, 2020, 4:06 pm

Hi, Can anyone help with this please?
I have Capital Losses from a few years ago that I am carrying forward for potential future use. This year however I have no need to fill out a CGT section in my self assessment as all my transactions were in ISA's, so how do I record the losses I'm carrying forward, so they don't get 'lost' in the system?
Many thanks IA.

MayLIx

genou
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Re: Capital Losses Carried forward

#325869

Postby genou » July 13th, 2020, 5:39 pm

Maylix wrote:Hi, Can anyone help with this please?
I have Capital Losses from a few years ago that I am carrying forward for potential future use. This year however I have no need to fill out a CGT section in my self assessment as all my transactions were in ISA's, so how do I record the losses I'm carrying forward, so they don't get 'lost' in the system?
Many thanks IA.

MayLIx


They won't get lost. If you want, stick a note in the comments box at the end of your return "CGT losses bf and cf xx"

Maylix
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Re: Capital Losses Carried forward

#326348

Postby Maylix » July 15th, 2020, 2:39 pm

Thanks for the response genou, I've just received a a call back from HMRC and they have said the same thing: 'Note it in the Additional Information box at the end of the return'
That was going to be my default, but it's comforting to get it confirmed from two sources! :)

Fluke
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Re: Capital Losses Carried forward

#326562

Postby Fluke » July 16th, 2020, 11:39 am

Maylix wrote:Thanks for the response genou, I've just received a a call back from HMRC and they have said the same thing: 'Note it in the Additional Information box at the end of the return'
That was going to be my default, but it's comforting to get it confirmed from two sources! :)


I’m glad to get this confirmed too as that is exactly what I have been doing for the last few years. Genou says it doesn’t get lost but it’s disconcerting that there is no visibility of the loss recorded over possibly multiple years. If/when you come to offset it (or some of it) against a future gain you have to have made a note of it somewhere or go back over old returns in order to find out exactly how much there was. I’d much prefer it to be carried forward automatically in some way that you can see it.

Anyway they’re reviewing the whole CGT thing now so who knows we may not be able to carry losses forward for much longer.


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