Hello there,
I'm new to the site but a quick search suggests that there has not been a definitive answer given to this before, so please could someone help a guy who is NOT very clued up about tax??
I liquidated my Ltd Company (just me as an employee) in the 2012/2013 tax year and paid about £3800 CGT to do so. In the 2013/2014 tax year I didn't pay any tax as I earned below the personal allowance. In the 2014/2015 tax year I was back to earning above the personal allowance and in addition I have to complete a return, as I had a lodger in my main residence that brought in more than the annual exempt amount, have some expense allowances to claim, etc.
So with all that background information, here's the question: I bought about £25k of gold bullion electronically through "a well known website", and since that time unfortunately the gold price has tanked. I'm thinking about getting out, but would be more inclined to do so if I could use my "loss" to offset personal tax.
The purchases I made of gold were:
4 Feb 2011: £5k and
2 Mar 2012: £20k
Currently my account is worth about £18k, so I have made a £7k loss so far (and counting!).
So here's the question: If I sell today, can I use that £7k loss to offset against either my 2014/2015 tax liability (since I need to do a return anyway, this would be convenient) or if not, could I use it to offset against my current tax in the 2015/2016 tax year. If the answer to either is yes, how do I do it? (HMRC self assessment online is my preferred method of submitting returns).
Any advice greatly appreciated, feel free to send PMs or reply, if you want further information!
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