Capital Gains

[AvantageBroker]

Hi all,

Can someone please confirm if this is correct - made up scenario

Stock and shares - P/L

2022 - realized loss of 5k
2023 - realized loss of 5k
2024 - realized gain of 10k

Not declared at any point - would someone need to declare to HMRC the gain of 10k (over the 3k threshold) as the losses of the previous years would nul the gain? From what I understand, you can use losses from up to 4 years ago?

If the gain had been 13k, would i be correct in saying you would still need to notify as its 4x the annual exemption which is 3k?

Thanks

 

[UK Contractor Accountant]

2022 - realized loss of 5k
2023 - realized loss of 5k

have these been declared on a tax return?

 

[AvantageBroker]

have these been declared on a tax return?

no - for this scenario, this would be a usual PAYE employee and not registered for self assessment.

 

[UK Contractor Accountant]

Fill in the ‘Capital Gains Tax summary’ pages if:
• you sold or disposed of chargeable assets which
were worth more than £49,200
• your chargeable gains before taking off any losses
were more than £12,300 (‘annual exempt amount’)
• you have gains in an earlier year taxable in
this period
• you want to claim an allowable capital loss or
make a capital gains claim or election for the year

 

[AvantageBroker]

Fill in the ‘Capital Gains Tax summary’ pages if:
• you sold or disposed of chargeable assets which
were worth more than £49,200
• your chargeable gains before taking off any losses
were more than £12,300 (‘annual exempt amount’)
• you have gains in an earlier year taxable in
this period
• you want to claim an allowable capital loss or
make a capital gains claim or election for the year

These are out of date - i think? But if the amounts were updated for this year, i assume what i said above is right?

Edit - based on your highlight, i thought i had up to 4 years to declare these losses?

 

[UK Contractor Accountant]

i thought i had up to 4 years to declare these losses?

if not registered for SA then yes 4 years - made in writing to HMRC

 

[AvantageBroker]

if not registered for SA then yes 4 years - made in writing to HMRC

thought so - thanks!

 

[numbersrule]

What type of Account were the Stocks & Shares held in?
Are these not in an ISA.?

You seem to be asking about personal tax on a business forum. So please do confirm that these are indeed personally held Stocks & Shares?