RE: FAO Botbot12026826 May 2021 00:24
Slift - I don't know whether Jim is American (because he keeps referring to IRS) but I'm afraid his advice is incorrect. Capital Gains/Losses on share dealing is not self employment. You calculate the Gains for the year and take off the losses for the year to get your net Capital Gain. When using losses from a previous year don't forget that you also have a CG allowance to set off against your net Gain before you use any previous year's losses. For 2020/21 the allowance is £12,300.
A word of warning - calculating Capital Gains on share dealing can be complicating especially if you are buying and selling the same share as there are "pooling" and 30 day rules. If your share dealings are complicated - use a reputable accountant to work out your Gain. Also, I note that you say that your Gain for the year will be offset by losses brought forward and therefore there will be no gain. If that is the case then you do not even have to inform HMRC.