Hi
I am calculating CGT for various tax years in the administration of an estate. In one tax year there is a loss and then a large gain in the next tax year. I am completing the calculation and based on my reading of SP02/4 it appears as though a deduction under the scale can be claimed for years with disposals showing a net loss. Am I right in thinking it can be claimed for such years, with the effect of allowing us to bring more of a loss into the tax year with a gain?
Many thanks
James
Not sure I follow, but the “allowable expenditure” set out in SP2/04 (re TCGA 1992 s, 38(1)(b)) is an alternative to actual expenditure ie not in addition to.
It forms part of the CGT computation.
Capital losses may be brought forward.
`Malcolm Finney
Hi Malcolm. Thanks. My original post wasn’t very clear. I was questioning whether allowable expenditure can be included in the computation for a year in which there is a loss. I think the answer is yes.
I see no reason why not.
Malcolm Finney