How far back can I use a capital loss?

by Readers Question

1:50 PM, 23rd January 2017, 10 years ago 5

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Landlord News Landlords Questions

Does anyone know how far back I can use a capital gains loss?

I made a massive loss in 2011 and never thought to use it, so I am looking if it can be used now?

I carried out a google search and it said 4 years, but does anyone know for sure if this is correct?

The amount of loss was £500k, so I am praying that this is right and I can use it in my 2015/16 returns.

Thanks

Paul

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Mark Alexander - Founder of Property118 Read Full Bio

Member Since January 2011 - Comments: 12255 - Articles: 1478

3:45 PM, 23rd January 2017, About 10 years ago

So far as I am aware there is no time limit for rolling over capital losses.

For professional advice which is personal to your particular circumstances please consult your accountant.
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Michael Jones

Member Since April 2015 - Comments: 23

10:59 AM, 24th January 2017, About 10 years ago

I have not come across any time limit regarding offset of capital losses however , if a limited company there may be issue regarding carry forward of losses into a profit making company if the nature of the trading – to make the profit – has changed . Check with your accountant .

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Mark Alexander - Founder of Property118 Read Full Bio

Member Since January 2011 - Comments: 12255 - Articles: 1478

11:06 AM, 24th January 2017, About 10 years ago

Reply to the comment left by “Michael Jones” at “24/01/2017 – 10:59“:

Accumulated losses cannot be rolled into a company at the point of incorporation.
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Michael Barnes

Member Since July 2013 - Comments: 1434

9:54 PM, 26th January 2017, About 10 years ago

I presume that you entered the loss in your tax return for that year.

If not, then you will need to update your return for that year (if that is still possible).

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Chris @ Possession Friend

Member Since May 2016 - Comments: 1587 - Articles: 16

6:34 PM, 28th January 2017, About 10 years ago

I always thought it was 6 years, but not certain.

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