CGT - losses ?

J

jim1

Guest
I bought some shares in two companies this year - I made a profit on one company and a loss on the other - overall I made a net loss - do I have to make a tax return to explain these gains/losses or can I just assume that a net loss is not of interest to the taxman ?
 
cgt

You can use the Capital loss to reduce the taxable capital gain, so you will pay less CGT.
 
cgt losses

I guess the issue is what happens if the losses outweigh the gains i.e. do I still have to declare/report the gains and losses to ensure that the losses are offset officially against the gains ?
 
Re: cgt losses

You should report all the cgt transactions regardless of whether you have a cgt liability. If you have excess losses by reporting them with the revenue you will be able to offset them against future gains
 
cgt

That's very interesting - in previous years I have made losses (I'm not a very good investor) but did not declare the losses to the revenue as I assumed that they were only interested if there was a gain - I suppose those losses are therefore not valid to be carried forward and declared against any future gains?
 
Re: cgt

If you can prove the losses they should still be valid.
 
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