This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

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: 2795
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: 2795
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.


Return to “Income Tax”