Remember the losses

Capital Gains Tax

In addition to capital gains, you can also have capital losses. A capital loss occurs when the sale proceeds are lower than the purchase cost (plus any improvement expenditure).

Examples would include company shares that became worthless or the once-valuable antique that is no longer in demand. Losses can be used to reduce your capital gains (and so the capital gains tax due). But you can’t claim a capital loss on something where any gain would not be taxed – for instance on the sale of your car.

TaxAid helpline

Our helpline offers professional, free, confidential advice to people on low incomes