LOSS RELIEF FOR CGT
04/04/2009
CGT arises when a chargeable person disposes of chargeable assets. Chargeable assets are all forms of property unless specifically exempt. Losses are calculated in the same way as gains.
A loss can be set against a gain. If the loss exceeds the gain the excess is carried forward to set against gains arising in later years. However, losses from other years are utilised only so far as necessary to reduce a person’s gains to the annual exempt amount.
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