Carrying capital losses forward

[DoubleSix]

If you please a little help in my understanding here.

I have a share trading account where I carry out my more 'adventurous' investments, I have wound it up recently and am keen to ensure I can utilise losses in future years, say if I were to sell a property.

Am I correct in thinking I can only use the last 5 years of losses and also that these need to be submitted on my tax return now in order for them to be submittable later on?

Any assistance very gratefully received!

[twinturboz]

Eric or one of the accountants will know more than me but assuming your capital gains are at a net loss for the year you'd just report that on your tax return. Those losses can be carried forward indefinitely to be used on any future gain.

[DoubleSix]

Thanks TT, yes hoping Eric might be around to share some wisdom.

This years yes, but how far back can I go if previously undeclared? Can I just tot up all loses on this account for last 4 years?

[twinturboz]

Yup over my head best to get a professional accountant's advice but I think you have 5 years after the tax year the loss occurred to report to hmrc.

[DoubleSix]

Can anyone help out on this?

[Alpinestars]

You can carry them forward indefinitely.

You should report them, either in writing or by offsetting against other gains within 4 years from the end of the tax year in which they arose.

[peter tdci]

gov.uk's versions here: https://www.gov.uk/capital-gains-tax/losses

[Ozzie Osmond]

Alpinestars said:

You can carry them forward indefinitely.

You should report them, either in writing or by offsetting against other gains within 4 years from the end of the tax year in which they arose.

^^ Yes. Make sure you "claim" the losses or you will lose them!

Note: There are rules about the order of use of losses and the annual CGT allowance.