Almost all capital gains are now taxable under Capital Gains Tax (CGT). However, as gains must be taxed, there are also certain regulations surrounding capital losses – where an asset has decreased in value and subsequently the disposal of that asset has caused a personal loss. This could be the sale of a second home or antique for less than the purchase price.
There are many conditions and regulations surrounding the offsetting of personal capital losses against those of personal capital gains. In many situations, the losses can be carried forward to account for gains in future years, but the process cannot be reversed.
PERSONAL CAPITAL LOSSES PROFESSIONAL ADVICE
When calculating your gains and losses for the tax year, it can be of considerable benefit to enlist the help of a trained CGT accountant. Knowing where you stand with CGT liability, the exemptions, and reliefs, can make sure that you are not paying more CGT than what is required. At The Accountancy Solutions, we can help you in the following areas of personal capital losses:
Offsetting your gains and losses is a very important part of filing your CGT return. At The Accountancy Solutions, we provide a full service for capital loss assessments and calculations, helping you to get your accounts in order and only pay what CGT is really owed. For more information about our professional CGT accountants, and how we can help manage your capital gains and losses, don’t hesitate to contact our team today.