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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
, see all updates

Losses: quantification of loss accruing in SA years

TCGA92/S16 (2A), FA95/S103 (7) (a) & FA95/S113 (2) (a)

For 1996-97 and later years of assessment capital losses will be allowable only if they are claimed in a quantified amount. The normal claim time limit applies; see Section 43(1) TMA70.

The requirement to claim losses under Self Assessment means that they can be finalised by way of a Revenue amendment and appeal.

The amount of an allowable loss accruing in 1996/97 or later years will become final if the claim is not enquired into within the enquiry time limit. The 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.

For losses which accrued prior to Self Assessment see CG15812.

Where unused losses are brought forward and set against chargeable gains in a later year, losses incurred in 1996-97 and later years must be used before losses incurred in earlier years.

For losses incurred by companies, see CG40235.

For general guidance on claims under Self Assessment see the Self Assessment Claims Manual.