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Self assessment capital gains tax

Practical Issues
thequestioner
Posts: 2
Joined: December 21st, 2017, 5:58 pm

Self assessment capital gains tax

#105590

Postby thequestioner » December 21st, 2017, 6:15 pm

I'm struggling a bit with the capital gains summary form despite having read the notes that come with it. In the instance where

1) I sold share A and made a gain of £1000. I sold share B and made a loss of £3000. I will have a loss of £2000 which I can bring forward to next year. Do I have to enter a code in Box 28 (If you are making any claim or election, put the relevant code in the box) in order to claim this loss carry forward? Looking at the notes, there seem to be 3 letter codes for all sorts of claims but not for a common and straightforward one such as this. Is that because it's not considered a "claim" in which case should I leave Box 28 blank?

2) A year has passed. I've been a bit luckier in picking my winners. I sell share C for a gain of £15000. This exceeds the tax-free allowance so I'd like to use the £2000 loss incurred last year. Do I have to enter a code in Box 28? If not, do I then just enter the £2000 figure into Box 45 (Losses brought forward and used in-year)?

Can anyone help? Thanks in advance.

genou
Lemon Quarter
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Re: Self assessment capital gains tax

#105635

Postby genou » December 21st, 2017, 10:02 pm

thequestioner wrote:I'm struggling a bit with the capital gains summary form despite having read the notes that come with it. In the instance where

1) I sold share A and made a gain of £1000. I sold share B and made a loss of £3000. I will have a loss of £2000 which I can bring forward to next year. Do I have to enter a code in Box 28 (If you are making any claim or election, put the relevant code in the box) in order to claim this loss carry forward? Looking at the notes, there seem to be 3 letter codes for all sorts of claims but not for a common and straightforward one such as this. Is that because it's not considered a "claim" in which case should I leave Box 28 blank?

28 is blank.

thequestioner wrote:I
2) A year has passed. I've been a bit luckier in picking my winners. I sell share C for a gain of £15000. This exceeds the tax-free allowance so I'd like to use the £2000 loss incurred last year. Do I have to enter a code in Box 28? If not, do I then just enter the £2000 figure into Box 45 (Losses brought forward and used in-year)?

Can anyone help? Thanks in advance.


28 is blank. 45 is populated.

I suspect, but cannot recall, that the numbers are all made clear when you get you to review your return before submitting it.

thequestioner
Posts: 2
Joined: December 21st, 2017, 5:58 pm

Re: Self assessment capital gains tax

#105876

Postby thequestioner » December 23rd, 2017, 10:28 am

Thanks genou. I wish they would have examples of how to fill out the form. The notes alone are not nearly enough. Thank heavens for the resource that is the Lemon Fool!


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