Reoepning tax return

by **joepubli** on Tue Mar 01, 2011 2:09 pm

I filed my 2007/8 return recently and have been assessed interest and penalties. This return included a significant CGT gain.

I have now tracked down detailes of my share dealings from the 2000 dot com bust and a number of companies went bust and others were taken over for cash/shares at large losses.

Questions
1. Can I reopen the 2007/8 return and now claim the losses against the gains.
2. If so will it reduce the interest and surcharges?
3. For listed companies where the shares are nearly worthless (ie will cost more to sell than I will realise) do I still have to sell them to claim a loss?

Thanks as always.

by **Brian Clarke** on Tue Mar 01, 2011 4:09 pm

1. Can I reopen the 2007/8 return and now claim the losses against the gains.

No, not least because you didn't claim the losses in 2000 (or possibly 2001). You have to claim the losses when they occur, and then carry them forward until you can use them.

3. For listed companies where the shares are nearly worthless (ie will cost more to sell than I will realise) do I still have to sell them to claim a loss?

Not necessarily. Start reading here http://www.hmrc.gov.uk/cgt/negligible_list.htm