Quote:
Originally Posted by HarryT
They are, however, offsettable against other capitals gains you may have made in the same year. Eg, if, in the same year that you were so unfortunate as to lose £5m on your Picasso, you were to make £6m profit from sales of assets in your property empire, you'd only pay capital gains tax on £1 (the £6m profit less the £5m loss).
|
yes, I gradually came to that conclusion, too - but the loss can only be put against a gain - if you only had a loss then tough !!!! - even despite the ability to "carry-forward" .... (oh for £5m in the first place
)