Hi Everyone,
A few years ago I made a large capital loss which exceeded any capital gains I had in that tax year. The loss was rolled forward and I have already used a small proportion of the rolled forward loss to reduce gains down to the CGT exempt amount in subsequent tax years. My question is this - if in tax years going forward I have capital gains (after deducting any losses of the current year) in excess of the exempt amount do I have to use these rolled forward losses, or could I save them for use in a later tax year? It might seem strange to ask such a question, but I have a reasonable amount of my basic rate band available so the gain would only be taxed at 10% (the gains arise from share sales, not property). I am conscious that in future years I might not have basic rate band available (due to higher income) or the rate of CGT might have increased (as may happen if Labour were to win the next General Election). I would like to only use enough rolled forward losses to reduce my capital gains sufficiently so that I only pay CGT at the 10% basic rate and none at the 20% rate. Is this possible or do I have to use rolled forward losses as soon as I am able to do so? Any advice greatly appreciated - especially if anyone can point me to where in the HMRC Capital Gains Tax Manual this might be dealt with.
Regards, Stuart
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