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carrying forward capital losses

chetschips
Posts: 1
Joined: Fri Jan 12, 2018 1:45 pm

carrying forward capital losses

Postby chetschips » Fri Jan 12, 2018 1:52 pm

hi i made a wrong decision in buying shares in tullow oil in 2014 a ftse listed company. the total capital losses i made on that investment was approx was £42000k unfortunately my accountant and myself missed that and haven't accounted for that loss yet on my accountants
can i carry forward the capital loss / against any income tax due going forward for end of this tax year 2016/2017 or 2017/2018 or have has the time in which i can carry forward that loss is laped. any hints or tips or advice would be greatly appreciated.

Kind Regards
Chetan

bd6759
Posts: 2450
Joined: Sat Feb 01, 2014 3:26 pm

Re: carrying forward capital losses

Postby bd6759 » Sat Jan 13, 2018 1:10 pm

You have until 5 April 2018 to tell HMRC that you made a loss in 2013-14. If you don't, the loss is ... lost.

bd6759
Posts: 2450
Joined: Sat Feb 01, 2014 3:26 pm

Re: carrying forward capital losses

Postby bd6759 » Sat Jan 13, 2018 1:11 pm

The loss can only be used against capital gains. It cannot be used against income.


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