CGT : Can you offset losses on SHARES against gains made on a PROPERTY?
Posted: March 17th, 2023, 4:55 pm
CGT : Can you offset losses on SHARES against gains made on a PROPERTY?
This year is an unusual one for me in that I sold a residential property which was not my main home and as such incurred a substantial CGT liability. The property was sold in May ’22 and the CGT liability calculated and paid within x days as required. Most of the gain attracted the higher 28% rate.
I have a portfolio of investments which includes about 8 lines which have made losses in aggregate about £8k. Does it make sense for me to sell all of these and offset against the property gains to reduce my CGT bill? As I have already paid the CGT, I assume a refund would be paid after submitting my tax return. How would this refund be calculated given that the rates for property (28%) and shares (20%) are different? (28% of 8k? or 20% of 8k?)
I assume there is no point me selling any further (profitable) assets this year as I would be catapulted straight onto the higher 20% rate because of the previously realised property CGT liability.
This year is an unusual one for me in that I sold a residential property which was not my main home and as such incurred a substantial CGT liability. The property was sold in May ’22 and the CGT liability calculated and paid within x days as required. Most of the gain attracted the higher 28% rate.
I have a portfolio of investments which includes about 8 lines which have made losses in aggregate about £8k. Does it make sense for me to sell all of these and offset against the property gains to reduce my CGT bill? As I have already paid the CGT, I assume a refund would be paid after submitting my tax return. How would this refund be calculated given that the rates for property (28%) and shares (20%) are different? (28% of 8k? or 20% of 8k?)
I assume there is no point me selling any further (profitable) assets this year as I would be catapulted straight onto the higher 20% rate because of the previously realised property CGT liability.