1223 - Total losses of the year

Enter the total amount of all your allowable losses of the year, if any, taken from your computations including losses entered in 'Income losses of 2016 to 2017 set against gains' and any clogged losses. This total should include all your allowable losses whether or not you used the capital gains computation worksheet in their computation.

If you've disposed of a number of individual assets which are taken together for an entrepreneurs' relief claim, and any of those assets were sold at a loss, those losses should not be included in your total losses of the year. They will have been taken into account in arriving at the chargeable gain on which the claim is made and the net chargeable gain included in the totals entered in either 'Total gains' or 'Gains qualifying for Entrepreneurs' Relief' (but excluding gains deferred from before 23 June 2010).

A loss arising on a disposal of an asset which is exempt from Capital Gains Tax will not usually be an allowable loss.

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.

If you do have any clogged losses please keep a separate record of each unused clogged loss carried forward to later years to ensure that it's deducted correctly from future gains. You should also identify in your computations any losses which are clogged and say why they are clogged.