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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Relief for losses

TCGA92/S2

Allowable losses are deducted automatically. It is not necessary for the taxpayer to make a claim for set-off of losses. But see CG15813 about the need, under Self Assessment, for taxpayers to claim that losses are allowable and the preference to be given to such losses. The treatment of losses depends on whether they are

  • losses of the same year of assessment as the gains
  • losses of earlier years of assessment
  • losses of the year of death
  • particular losses which may, exceptionally, be carried back from a later year of assessment, see CG15811.