CGT Loss Allocation
CGT Loss Allocation
‘NRCGT’ Losses can be offset in one of the two following ways:
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Tax years when an Individual is Non-resident – NRCGT losses can only be set against gains where the NRCGT box is ticked.
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Tax years when an Individual is UK resident – NRCGT losses can be set against ANY gain, they are in effect treated as regular Capital losses and are brought forward losses not losses of the current year.
We can identify NRCGT losses in CCH Personal Tax and keep them ring fenced. This is similar to the clogged losses functionality.
In Capital Gains use the Losses brought forward screen to record Non Resident CGT losses:
This will open the following:
Where a NRCGT loss has been identified and is available to be set off select CGT Loss allocation to see the allocation of the NRCGT loss against the current year:
Note: The restriction type is NRCGT. To be able to allocate the loss the client has to be Non-Resident.