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Michael Mause
July 16th 03, 10:39 AM
If a large loss on share sales is realised in one tax year but not used,
can it be carried forward and used in later years

--

Doug Ramage
July 16th 03, 11:03 AM
"Michael Mause" > wrote in message
...
> If a large loss on share sales is realised in one tax year but not used,
> can it be carried forward and used in later years
>
> --
>
Generally speaking, Yes. The loss may need to be agreed with the IR before
the loss becomes an allowable loss.
--
Doug Ramage

a0000000000
July 17th 03, 08:13 AM
You should make a claim on in your annual tax return for losses in order
that they can be carried forward. If you do not do this it will be
difficult in subsequent years to use them. The annual tax return makes it
clear this is what you should be doing so its difficult to make an excuse.
You can print a form off the internet.

In addition, any gains in the year that the loss is realised act to reduce
the loss i.e. the capital gains allowance gets used last. The form takes
you through this.


"Doug Ramage" > wrote in message
...
>
> "Michael Mause" > wrote in message
> ...
> > If a large loss on share sales is realised in one tax year but not used,
> > can it be carried forward and used in later years
> >
> > --
> >
> Generally speaking, Yes. The loss may need to be agreed with the IR before
> the loss becomes an allowable loss.
> --
> Doug Ramage
>
>

Doug Ramage
July 17th 03, 08:45 AM
It is not quite as harsh as that.

There is no requirement to notify losses to the IR which arose prior to Self
Assessment (6 April 1996). Obviously, you need to retain the relevant
details if need to utilise such CGT losses.

From losses arising from 6 April 1996, you have about 5 years 10 months
(i.e. 31 January) to notify the IR.

Notification can take the form of a separate memorandum/letter, not just
using the SA Return.
--
Doug Ramage


"a0000000000" > wrote in message
...
> You should make a claim on in your annual tax return for losses in order
> that they can be carried forward. If you do not do this it will be
> difficult in subsequent years to use them. The annual tax return makes it
> clear this is what you should be doing so its difficult to make an excuse.
> You can print a form off the internet.
>
> In addition, any gains in the year that the loss is realised act to reduce
> the loss i.e. the capital gains allowance gets used last. The form takes
> you through this.
>
>
> "Doug Ramage" > wrote in message
> ...
> >
> > "Michael Mause" > wrote in message
> > ...
> > > If a large loss on share sales is realised in one tax year but not
used,
> > > can it be carried forward and used in later years
> > >
> > > --
> > >
> > Generally speaking, Yes. The loss may need to be agreed with the IR
before
> > the loss becomes an allowable loss.
> > --
> > Doug Ramage
> >
> >
>
>

David Floyd
July 17th 03, 09:04 AM
In message of Thu, 17 Jul 2003, Doug Ramage writes
>
>From losses arising from 6 April 1996, you have about 5 years 10 months
>(i.e. 31 January) to notify the IR.
>
from the end of the tax year in which the loss arose.

DF