Chargeable gains / Capital losses summary

This page provides a summary of the company's chargeable gains and capital losses.

For periods of account beginning on or after 1 April 2020:

  • The layout has been enhanced to better deal with situations where roll over relief (or hold over relief) applies and the interaction of net chargeable gains after any roll/hold over relief with current period capital losses and brought forward capital losses.
  • References to ‘unquoted’ shares are now ‘unlisted’ shares.

For accounting periods beginning on or after 1 April 2020:

  • The corporate capital loss restriction (CCLR) applies. You will need to determine if any restriction to the brought forward capital losses applies and, if so, by how much to restrict those brought forward capital losses.
  • Under certain circumstances a company can relieve the net capital losses of later accounting periods falling within the same financial year. (Note: a financial year begins on 1 April and ends on the following 31 March).
  • Under certain circumstances a non-UK resident company landlord may treat net capital losses of any accounting period falling entirely within the period 1 to 5 April 2020 (both dates inclusive) or of the accounting period beginning on 6 April 2020.

For accounting periods straddling 1 April 2020:

  • The accounting period is split into two notional accounting periods. The layout has been changed to show a column for each notional accounting period. The first notional accounting period ends on 31 March 2020 and the second notional accounting period begins on 1 April 2020.
  • The total chargeable gains and total capital losses are automatically determined for each notional accounting period, based on the disposal date of each asset disposed of in the straddling accounting period. If one notional accounting period has net capital losses and the other has net chargeable gains, then the net capital losses are allocated against the net chargeable gains as far as possible without turning the net chargeable gains into net capital losses. If both notional accounting periods have net capital losses or both have net chargeable gains, no allocation is required.
  • The corporate capital loss restriction (CCLR) applies to that part of the accounting period that begins on 1 April 2020 (i.e. the second notional accounting period). You will need to determine if any restriction to the brought forward capital losses applies and, if so, by how much to restrict those brought forward capital losses.
Rebasing election If the company has made a rebasing election, tick the Rebasing election made box and enter the date of the election.
Non-UK resident company landlord

The checkbox is displayed in accounting periods ending on or after 6 April 2019 and editable in accounting periods beginning on or after that date and ending on or before 5 April 2020.

In accounting periods beginning on or after 6 April 2020 the checkbox is not editable and will be automatically checked if Non-UK resident company landlord on the UK Property Details tab of UK Property Add/Edit screen is checked.

Note:

See the note under To add a company at View all companies for setting up a company as a non-UK resident company landlord.
Net chargeable gains / Net capital losses

This section summarises the net chargeable gains / net capital losses for the accounting period (AP), based on the details of the individual disposals entered at Disposal setup and Disposal details, taking into account any roll over or hold over relief and relief for capital losses brought forward.

APs that straddle 01/04/2020 are split into two notional APs for which additional columns are displayed.

APs beginning on or after 1 April 2020 may display additional boxes to deal with:

  • the special rules relating to capital losses treated as included (for non-UK resident company landlords)
  • situations where there are a number of very short APs all falling in the same Financial Year and in each of those APs the company is either chargeable to CT solely because it has net chargeable gains or it has capital losses and no other income source. In those AP(s), the capital losses in the later AP(s) can be relieved against the chargeable gains in the earlier AP(s).
Note:

See the note under To add a company at View all companies for setting up a new or existing company with one or more very short (often one-day) period(s) of account / accounting period(s).

For the above-mentioned situations, Other capital losses in same financial year relieved this period will have a hyperlinked value displayed if all the following criteria are met:

  • The AP is less than 12 months and starts on or after 1 April 2020 and falls entirely within a financial year (1 April to following 31 March),
  • There are no active business activities in the AP (Note: any business activity with a cessation date in a previous AP will not be active in this AP),
  • There are no loan relationships losses brought forward that are relieved this period, and
  • Net chargeable gains in this AP exceed 0.

Select the hyperlinked value to open Other capital losses in same financial year brought back.

Select Add to create a new row for each AP. Complete the boxes and check the checkbox to Save.
Capital losses carried forward summary

This section summarises the capital losses of the company for the period.

Where the company has capital losses bought forward, enter the figure at Capital losses b/f.

Capital losses relieved this period is automatically calculated and shown in the Chargeable gains section.

The corporate capital loss restriction (CCLR) and the related chargeable gains deductions allowance apply for APs starting on or after 01/04/2020 with transitional rules for APs straddling that date.

APs that straddle 01/04/2020 are split into two notional APs for which additional columns are displayed. The CCLR applies from 1 April 2020, when the second notional AP begins.

For APs beginning on or after 1 April 2020 or that straddle that date, enter the amount by which the brought forward capital losses is restricted in Capital losses b/f - CCLR restriction.

APs beginning on or after 1 April 2020 may display additional boxes to deal with:

  • the special rules relating to capital losses treated as included (for non-UK resident company landlords)
  • situations where there are a number of very short APs all falling in the same Financial Year and in each of those APs the company is either chargeable to CT solely because it has net chargeable gains or it has capital losses and no other income source. In those APs, the capital losses in the later AP(s) can be relieved against the chargeable gains in the earlier AP(s).
Note:

See the note under To add a company at View all companies for setting up a new or existing company with one or more very short (often one-day) period(s) of account / accounting period(s).

For the above-mentioned situations, Other capital losses in same financial year, relieved in previous periods will have a hyperlinked value displayed if all the following criteria are met:

  • The AP is less than 12 months and starts on or after 1 April 2020 and falls entirely within a financial year (1 April to following 31 March),
  • There are no active business activities in the AP (Note: any business activity with a cessation date in a previous AP will not be active in this AP),
  • There are no loan relationship losses brought forward that are relieved this period, and
  • Net capital losses this period in this AP exceed 0.

Select the hyperlinked value to open Other capital losses in same financial year carried back.

Select Add to create a new row for each AP. Complete the boxes and check the checkbox to Save.
Unquoted/Unlisted shares - share loss relief If the company has incurred losses on the disposal of unquoted/unlisted shares, and has made a share loss relief claim at Losses on unquoted shares / Losses on unlisted shares, then this section will show the loss which is subject to the relief claim.
  Use the boxes in this section to enter the amount of losses subject to a share loss relief claim which have been carried back to prior periods, brought back to this period or which have arisen this period but have not been used.
Unquoted/Unlisted shares - no share loss relief If the company has incurred losses on the disposal of unquoted/unlisted shares, but has not made a share loss relief claim, then this section will show details of those losses.

How do I get here?

Assets> Chargeable gains> Summary