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ChimpMaster
25th May 2007, 10:08
I made a small profit on a property sale - enough to get me a few £k over the CGT limit.

Can I offset a big loss I made on share dealing against this?

If Yes, then as there is no profit overall (there is a loss in fact), would I still have to declare this on my Tax Return?

I imagine it would be horrendous trying to put in almost 100 share dealing transactions I made that year!

Ardesco
25th May 2007, 10:21
You expect the government to let you off a wedge of tax that they could collect because you lost some money over the year....

Where have you been the past 10 years ?? :)

rootsnall
25th May 2007, 11:05
I am hoping for an expert reply on this one !?

I am pretty sure you can offset and I still have some dud dotcom era shares ready to sell for this purpose.

If I know I don't owe them anything and can prove it then I don't bother filling in the Capital Gains part of my self assessment. This is probably not the legit way of doing things but !?

ASB
25th May 2007, 12:03
I am hoping for an expert reply on this one !?

I am pretty sure you can offset and I still have some dud dotcom era shares ready to sell for this purpose.

If I know I don't owe them anything and can prove it then I don't bother filling in the Capital Gains part of my self assessment. This is probably not the legit way of doing things but !?

Offset: Section 5 of this does not restrict the asset class losses may be claimed against. http://www.hmrc.gov.uk/leaflets/cgt1.pdf. I claimed some losses from securites against CGT on a property sale and received no query. But that was one of the few years I didn't have an aspect enquiry so maybe they didn't look.

Tax Return: You are supposed to fill in the pages if you have disposals of > 4 times the gain allowance (i.e. 35,200) ro you have gains > 8,800.

http://www.hmrc.gov.uk/worksheets/sa108-notes.pdf

Of course this isn't an expert reply.

fwiw I've found my local tax office helpful with CGT issues.

THEPUMA
25th May 2007, 12:04
Yes you can offset. You would have to include on your tax return if the total combined proceeds exceeded £35,200 (assuming it was in 06/07) or if you want to claim any net loss.