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Capital Gains Tax - reclaim

[Deleted User] · 2020-03-16 10:44:31

Hi All I paid CGT last year of 5k. I am looking at selling shares and look like i could be making a significant loss, can i offset the losses to the 5k i paid in January for 2019? I have been looking it up and cannot find anything as they mention the taxable year only.

16-03-2020 10:44am

#1

[Deleted User]
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Hi All

I paid CGT last year of 5k. I am looking at selling shares and look like i could be making a significant loss, can i offset the losses to the 5k i paid in January for 2019?

I have been looking it up and cannot find anything as they mention the taxable year only.

0

Comments

#2 16-03-2020 12:01pm

Calahonda52

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No.
Just think about the impact on the tax take if this worked

“I can’t pay my staff or mortgage with instagram likes”.

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#3 16-03-2020 12:04pm

Ciaran

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If you make a loss in 2020, you can't offset it against a gain in 2019. You can only carry losses forward, not back.

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#4 17-03-2020 1:07am

mystic86

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Ciaran wrote: »

If you make a loss in 2020, you can't offset it against a gain in 2019. You can only carry losses forward, not back.

they are also different taxheads....

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#5 18-03-2020 10:23am

Ciaran

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mystic86 wrote: »

they are also different taxheads....

Huh? What taxhead would a loss on selling shares be under other than CGT?

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#6 18-03-2020 12:52pm

DankeyKang

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You can't do anything about the 5k you paid last year, that's set in stone.

You're only able to carry forward the 2020 CGT loss against 2020 or future gains.

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