[ˈkæpɪtl lɒs]
A Capital Loss occurs when an asset is sold below the price it was originally purchased at. It can be used to offset Capital Gains for more tax efficiency.
A Capital Loss occurs when an someone sells an asset for less than its original purchase price. This loss can be used to offset Capital Gains and reduce the amount of Capital Gains Tax owed.
Capital Losses could also be Carried Forward to the next year in order to offset a Capital Gain made the next year, and thus reduce the amount of Capital Gains Tax paid next year. If the Carried Forward loss only reduces your Capital Gain to a level still below the Capital Gains Tax Allowance, it is possible to carry left losses to a future tax year.
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The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
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