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Post Info TOPIC: Capital gains tax and losses carried forward
freedomresources


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Capital gains tax and losses carried forward
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Happy New Year to all on the Bookkeepers Forum!!biggrin

As has been the case for the past two years my New Year is starting with an every growing to-do list!!!!no

I was wondering if anyone could clear something up for me?

I have a client with rental income losses of £10K. The property has been sold and the client is eligible for Capital Gains (2008). HMRC have informed that there is no provision for income tax losses to be set against the capital gains profit.

Does this mean that the income tax losses are lost??

 

Hope this makes sense.

 

Lou 



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MarkS


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Hi Lou

Subject to rules the income tax loss could be carried back or carried forward to be relieved against income tax profits.

Regards

MarkS



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
gbm


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Don't think so Mark - the losses from property can only be carried forward to offset against profits from property. They differ from normal trading losses.

Lou - yes, the losses are lost, unless they've got other property income.

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Nick

Website: www.gbmaccounts.co.uk
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Factsheet | Starting a Business

 
MarkS


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Hi Nick

Is that not what i said?  That income tax losses can only be offset against income tax gains.

Equally capital gains losses can only be offset against capital gains profits.

Regards

 

Mark

 



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
freedomresources


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Hi

Thanks for the replies!!

I thought that, it just seems unfair that the losses are just lost.

Suppose thats tax!!!!

LOL!!!! :)

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