Can losses realised five years ago be offset against gains this year?

Can losses realised five years ago be offset against gains this year?

Hi Noel

The criteria for losses isn't 'five years' as it depends on tax years. I assume also you are talking about a loss for Capital Gains Tax purposes?

Losses can be carried forward indefinitely if you register the losses with HMRC either via your tax return or by writing to HMRC within 4 years after the end of the tax year that you disposed of the asset.

If you didn't register the losses and the time frame to register the losses has expired, then the losses cannot be carried forward to offset.

There can be exceptions to this rule and I recommend you speak with an accountant.

Hopefully you are still within the time-frame.

Regards


Robert