I have to make a worldwide declaration and have unused capital gains tax (CGT) losses from 1997/98, which I believe my then accountants did not file for. I have records from HM Land Registry regarding this sale of a commercial property, so I understand that this loss should have been reported four years from when that loss occurred. As such I cannot offset this with a gain I made on a overseas investment in 2015. Am I right?  

Arthur Weller replies:  

If you look at HMRC’s Capital Gains manual, it points out: ‘TCGA92/S16(2A) states a capital loss will be allowable only if it is notified within the normal time limit for claims see Section 43(1) TMA70.’ In HMRC’s Self Assessment Claims manual at, it states: ‘The time limits for making claims are set out in S43. The general rule, as set out in S43(1) is that a claim must be made within 4 years from the end of the year of assessment to which it relates.’ So it would seem that if you did not inform HMRC of the 1997/98 losses, you cannot offset them against the 2015 gains.