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Where Taxpayers and Advisers Meet

Using previous undeclared losses against gains

tangiebaals
Posts:6
Joined:Thu Mar 29, 2012 7:29 am
Using previous undeclared losses against gains

Postby tangiebaals » Thu Oct 21, 2021 5:47 pm

Hi

So in 2020/2021 I realised a gain in Crypto of around 13,500. I however have previous losses I'd like to offset against this.

  • 2011/2012 I made a loss on shares/CFDs and filled in a CGT section with "total losses of the year" of £2K and "losses available to be carried forward to later years" of £2K. There were no gains - this was done in anticipation of future gains...
  • 2013/2014 I made a loss in shares/CFDs of about £3K however I didn't submit a CGT form and so accept that this is no longer claimable against.
  • 2017/2018 I made a loss of about £1K on Crypto but didn't submit a CGT form.
  • 2018/2019 I made a loss of about £300 on Crypto but didn't submit a CGT form (in fact I didn't submit a self assessment form as I was advised I no longer needed to)
  • 2019/2020 I made a loss of about £7K on shares/CFDs but didn't submit a CGT form (in fact I didn't submit a self assessment form as I was advised I no longer needed to)
I now need to declare my 2020/2021 gain on Crypto, and want to use my previous losses as much as possible to offset.

First question is - I know there is a "real time" Capital Gains service - however given that I want to use previous losses, and I made >10K last year, do I need to do full self assesment?

Second set of questions is: -

  • The £2K loss I declared in 2011/2012 hasn't been mentioned on any paperwork since - can I still utilise this?
  • The 2013/2014 loss I believe to be a right-off as it's >4 years ago - is that correct?
  • The losses from 2017/2018 onwards fall within 4 years (i.e. declarable before April 2022) can still be used to offset this year (and future years) - is that correct?
All the above being true - how do I go about declaring the 2017/18/19 losses and combining them with the 2011 to then offset against 2020 and future years? Do I just attach suitable calculations for those years and put the sum of them in "losses brought forward"? And if so do I have to re-attach the 2011 calculations, or will the system "know" about that already?

Many thanks

Jholm
Posts:222
Joined:Mon Mar 11, 2019 4:22 pm

Re: Using previous undeclared losses against gains

Postby Jholm » Fri Oct 22, 2021 12:37 pm

It seems this answers your queries...

https://www.gov.uk/capital-gains-tax/losses

tangiebaals
Posts:6
Joined:Thu Mar 29, 2012 7:29 am

Re: Using previous undeclared losses against gains

Postby tangiebaals » Wed Oct 27, 2021 4:30 pm

Thanks. That page is more the "what" than the "how", though.

It's not clear whether I can just include calculations for all those years in this year's tax return, or if I have to have notified them before e.g. by post, and if so how that has to be done in terms of forms etc. For example, do I need to fill in the CGT form for each of those previous years to "back fill" or just declare the loss value together with the list of transactions?

I will call HMRC for advice when I return from holiday next week, but was kinda hoping for a steer of the "how" here - though appreciate I probably littered the original question with more "what's" and muddied the real purpose of the post!

Thanks.

bd6759
Posts:3634
Joined:Sat Feb 01, 2014 3:26 pm

Re: Using previous undeclared losses against gains

Postby bd6759 » Sat Oct 30, 2021 11:41 am

The claims must be made in writing. Just send a letter giving details of the losses you have made.

Keep a copy. For protection send it recorded.


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