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I can only relate the advice and consequential refund I received. Maybe my Accountant knows angles, he is very good.
As stated each individual has different circumstances and should seek Professional advice.
Ok, I'm leaving, now be a man of your word and buy shares here, preferably from crl123 ?
I would buy in here but when a terd like Yuri is on board that is a baaaaaaaaad sign. Can you rescue the floating terd from Eurasia please
Have discussed this isssue with my Accountant sometime ago. Can elect to reclaim income tax payed in the year a Capital loss occured or carry the Loss forward to use aginst future gains. Remember each payer has a CGT exemption amount. THis is an annual amount which cannot be carried forward if not used.
Each individual has circumstances which a good Accountant/Tax Advisor can advise.
Isn't it like not against all income but only vs other CGT positions (e.g. net CGT) and loss can be transferred to future years to offset previous years?
I think income is separate from CGT.
If there is a way to offset income tax i would be interested to know.
Exactly
Don't you need to have made a capital gain to offset a capital loss?
Doubt that applies to me and many others.
Thanks obone. But I have no income ( health issues)
Do you know crl123, and other big losers, you should be able to claim a Capital Gains Tax (CGT) refund on your loss for your share dealing in a year using your HMRC tax return.
This would be at basic rate tax of 20% (might be higher - ask an Accountant).
You will need to wait until the Administrators declare the financial position and then fill in a return for that financial year after that fy ends.
Many years ago when Leading Leisure went bust I did just that and received a refund from HMRC.
Atleast this will you get you back 20% of your £75k i.e. £15k if you made no other trades since April 5 this year and make no more in the fy.
Hope this helps you.