# Capital Losses & Offset Tax



## mba (Jun 17, 2006)

Hi

After some poor share dealing i have less capital than when i started :lol:

Is there a way to offset my losses against my income tax?

Regards

M


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## Beancounter (Aug 31, 2006)

As I understand it, you can only use these losses to offset against any similar gains you may have in the future.


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## mba (Jun 17, 2006)

Beancounter said:


> As I understand it, you can only use these losses to offset against any similar gains you may have in the future.


Fat chance of that, im fooking useless at it :lol:


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## DiscoDriver (Oct 27, 2009)

mba said:


> Fat chance of that, im fooking useless at it :lol:


At least you're not alone - I gave up trying to pick individual shares after I'd burnt through approx £8k :wall:


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## organgrinder (Jan 20, 2008)

Beancounter said:


> As I understand it, you can only use these losses to offset against any similar gains you may have in the future.


That's correct I am afraid. Capital losses can only be set against capital gains. They will have to be carried forward until you make some more gains.


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