Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT if a gain had resulted when sold, then the loss should be an allowable deduction.
The exact treatment of losses depends on whether they are:
These deduction of an allowable loss from chargeable gains does not require a claim and does not extend the time limit for enquiring into the original loss claim.
Gains accruing in a tax year may be chargeable to CGT at different rates. Therefore, the tax effect of losses and the annual exempt amount set off against those gains can vary.
In most circumstances, allowable losses and the annual exempt amount can be deducted in the way that is most beneficial to the individual. This will usually be against gains that are charged at the highest rate.
25/04/2024 - More...
HMRC’s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in
25/04/2024 - More...
There is useful guidance published on GOV.UK that explains the do’s and don’ts for Standard Visitors to the UK. Visitors
25/04/2024 - More...
The Cycle to Work scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
» Sign up for the Newsletter
» Login