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    When is it too late for capital gains tax losses?

    Many years ago you sold some shares for considerably less than you paid for them. You’ve never had cause to claim the capital gains tax loss. Is it too late to do so?

    Capital gains tax - General principles - 45000

    Broadly, capital gains tax applies to all entities making an asset disposal except those within the scope of corporation tax. Whilst the basic principles involved in calculating chargeable gains...

    Capital gains tax - General principles - When will there be a chargeable gain? - 45100

    A chargeable gain will arise on a disposal of a capital asset by a chargeable person if the disposal proceeds exceed the allowable expenditure. Where the disposal proceeds are less than the allowable expenditure,...

    Capital gains tax - Computation - 46000

    In order to calculate the amount of capital gains tax payable, a computation is required for each transaction, before considering the utilisation of: - any losses; - reliefs; and - the annual exemption.

    Capital gains tax - Computation - Disposal proceeds - 46065

    Disposal proceeds will normally either be the actual consideration received or the open market value of an asset. In either case, the disposal proceeds may be reduced by incidental costs of disposal. For...

    Capital gains tax - Computation - Allowable expenditure - 46200

    Allowable expenditure is broadly the total cost incurred by the vendor on the acquisition and disposal of the asset.

    Capital gains tax - Capital gains tax losses - 47000

    Capital losses can be relieved in a variety of ways depending on the circumstances of the disposal and the taxpayer.

    Capital gains tax - Capital gains tax losses - General reliefs - 47270

    A number of loss reliefs are available to taxpayers, although the default treatment in most cases is to reduce current year gains and then carry forward any excess unrelieved loss.

    Capital gains tax - Capital gains tax losses - Losses on trading company shares - 47500

    An individual who sustains a loss on the disposal of certain shares which were acquired by subscription, (whether as a sole subscriber, joint owner, or nominee) may set the loss against general income...

    Trusts, settlements and estates - Capital gains tax and trusts - 68000

    A charge to CGT on UK settled property may arise in the following circumstances: Circumstance ¶¶ The creation of a trust ¶68250+ A disposal of trust assets by the trustees ¶68055+ Certain...