1062 - Current year losses to be deducted from gains summarised below

Enter your total allowable losses of 2009-10 excluding any clogged losses. (You cannot use this loss allocator if you have a 2009-10 clogged loss which can be deducted from a 2009-10 gain.)

A loss is not an allowable loss unless you claim it and any loss arising as a result of an avoidance scheme may not be an allowable loss.

Your total allowable losses of 2009-10 are usually deducted from your total chargeable gains (before taper relief) for the same year.

There are restrictions on the deduction of some losses, known as clogged losses. The most common type of clogged loss is a loss on a disposal to a connected person. The other clogged loss is a loss transferred to you by trustees when you become absolutely entitled to settled property.

For further guidance and information, please see the Capital Gains Summary Notes (PDF 127K)

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