Capital Gains Tax: what you pay it on, rates and allowances

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If you make a loss

You can report losses on a chargeable asset to HM Revenue and Customs (HMRC) to reduce your total taxable gains.

Losses used in this way are called 바카라 사이트˜allowable losses바카라 사이트™.

Using losses to reduce your gain

When you report a loss, the amount is deducted from the gains you made in the same tax year.

If your total taxable gain is still above the tax-free allowance, you can deduct unused losses from previous tax years. If they reduce your gain to the tax-free allowance, you can carry forward the remaining losses to a future tax year.

Reporting losses

Claim for your loss by including it on your tax return. If you바카라 사이트™ve never made a gain and are not registered for Self Assessment, you can write to HMRC instead.

You do not have to report losses straight away - you can claim up to 4 years after the end of the tax year that you disposed of the asset.

There바카라 사이트™s an exception for losses made before 5 April 1996, which you can still claim for. You must deduct these after any more recent losses.

Losses when disposing of assets to family and others

Your husband, wife or civil partner

You usually do not pay Capital Gains Tax on assets you give or sell to your spouse or civil partner. You cannot claim losses against these assets.

Other family members and 바카라 사이트˜connected people바카라 사이트™

You cannot deduct a loss from giving, selling or disposing of an asset to a family member unless you바카라 사이트™re offsetting a gain from the same person.

This also applies to 바카라 사이트˜connected people바카라 사이트™ like business partners.

Connected people

HMRC defines connected people as including:

• your brothers, sisters, parents, grandparents, children and grandchildren, and their husbands, wives or civil partners
• the brothers, sisters, parents, grandparents, children and grandchildren of your husband, wife or civil partner - and their husbands, wives or civil partners
• business partners
• a company you control
• trustees where you바카라 사이트™re the 바카라 사이트˜settlor바카라 사이트™ (or someone connected to you is)

Claiming for an asset that바카라 사이트™s lost its value

You can claim losses on assets that you still own if they become worthless or of 바카라 사이트˜negligible value바카라 사이트™.

HMRC has guidance on how to make a negligible value claim.

Special rules

HMRC has guidance on the special rules for losses:

• when someone dies
• if you바카라 사이트™re non-resident and sell UK property or land
• if you바카라 사이트™ve temporarily lived abroad as a 바카라 사이트˜non-resident바카라 사이트™
• from your income on shares that are unquoted or in the Enterprise Investment Scheme
• on overseas assets if you바카라 사이트™re 바카라 사이트˜non-domiciled바카라 사이트™ in the UK and have claimed the 바카라 사이트˜remittance basis바카라 사이트™

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