CGT and losses

[Ainsley]

A couple of (hopefully) simple questions that might elucidate simple answers - if ever there are those where tax is concerned! - but I would be pleased with any answers....

a) How long can a capital loss be carried forward to offset gains?

b) If all a loss is not offset against a gain can the remainder be carried forward? As an example: if a couple of years ago I made a loss of £5k (all round figures here and personal taxation) and last year I sold an asset for a capital gain of £12.5 K, just half my previous loss needs be taken into account to bring me within the annual allowance, leaving £2.5K loss unused. Can that £2.5K be carried over to offset any future loss?

Any help or explanation will be most appreciated.

[Peter D]

Read the Rolls Rotce thread beneath yours. Regards Peter

[Ainsley]

Thanks Peter for that super fast response.

Between what you and Mullet write it has now become clear.

Thanks to you both.

Ainsley

[mullet]

(a) For ever until used (on the basis of current legislation).
(b) Yes.

[Ainsley]

...and thanks for that further clarification mullet