Recording Capital Losses - Jointly.

[Graham1]

Happy New Year.

Appreciate guidance;

Like many I made Capital Losses (Shares - about 30K) during dot.com period.

(1) I understand I must register these losses with IR and have SA108 for YE 5 April 04, when should I submit these?

(2) Foolishly, I purchased Shares in my name rather than joint names, can I show them as ‘jointly’ owned; I live in a partnership – not married.

Appreciate any guidance.

Thank you,

Graham

[Instinctive]

Yes, you must clain all CGT losses in self-assessment tax return form. The tax return for year ended 5.4.2004 should be filed on or before 31 January 2005.

Your losses are yours alone and you cannot pretend otherwise. Having said this, I do not really see why you want to declare these as joint losses?

RP

RP

[Graham1]

Thanks RP,

We have joint BTL gains.

Graham

[Graham1]

RP,

I forgot to mention share purchase costs came from joint bank account, we are self employed and income is jointly earned.

Graham

[Instinctive]

I do not think buying the shares from income earned jointly and held in a joint account makes any difference.

Whether the shares were bought jointly or by yoursekf is a question of fact. Sorry I cannot give any positive news.

RP