Unused CGT loss, carry forward to subsequent tax years


R

RobertL

I had always believed that, for personal taxation, a capital loss could only be carried forward for a limited number of years (to be offset against a capital gain made in a subsequent year). However, the HMRC now seems to say that you can carry it forward indefinitely.

Did the legislation change at some time, or did I misremember it?

Perhaps the limited carry-forward applied only to CGT of the estate a deceased person and I am muddling it with that.

Would anyone care to enlighten me please?

Thank you

Robert
 
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D

David Woolley

I had always believed that, for personal taxation, a capital loss could only be carried forward for a limited number of years (to be offset against a capital gain made in a subsequent year). However, the HMRC now seems to say that you can carry it forward indefinitely.

Did the legislation change at some time, or did I misremember it?
I think you are confusing the time limit for notifying HMRC of the loss
with one for actually using the loss. You really need to submit a CGT
form each year in which you have a loss, and update the total of your
losses.
 

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