deduct share losses from income?

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    deduct share losses from income?

    I am presently filling in my 04-05 tax return.

    Unfortunately my share dealings over the years have not been as successful as the property market interests.

    My queries on this are as follows

    1. A share co has gone into administration last week. Can I set the loss against my 04-05 income?

    2. If not what are the rules for setting losses aside.

    Thanks

    #2
    Originally posted by propman2
    I am presently filling in my 04-05 tax return.

    Unfortunately my share dealings over the years have not been as successful as the property market interests.

    My queries on this are as follows

    1. A share co has gone into administration last week. Can I set the loss against my 04-05 income?

    2. If not what are the rules for setting losses aside.

    Thanks
    (1) Share losses cannot normally be set against any kind of income eg from earnings or investments or lettings.

    (2) Share or other capital losses have to be offset first against other chargeable gains in the same year. Any surplus has to be claimed for carry forward for use against net gains in future years which are in excess of the annual exemption. Therefore, in later years, you can use the annual exemption first before using any of the losses brought forward. Unused losses are carried forward indefinitely until exhausted but the losses have to be claimed in the first place.

    Ramnik
    Private advice is available for a fee by sending a private message.

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